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Little Rock Arkansas Form 5330: What You Should Know

This form is also sometimes accompanied by a Form 8606 which is used to determine whether a plan meets the requirements of the Employee Retirement Income Security Act for tax exemption. What Is Form 5330? A tax return that accompanies a remittance of excise tax. Which Excise Taxes Does 5330 Cover? Form 5330 covers excise taxes related to qualified retirement plans, 403(b) plans, and IRAs. The following excise taxes qualify as qualified deductions subject to the limits imposed by the Internal Revenue Code: • Excise taxes on distributions from a qualified retirement plan. • Excise taxes on distributions from deferred arrangements. • Excise taxes on annuities. • Excise taxes on qualified medical expenses attributable to a beneficiary. • Excise taxes on interest on certain debt instruments (see below for exceptions with respect to IRAs). • Excise taxes on compensation of members of publicly-held corporations. For more information regarding excise taxes, visit the Internal Revenue Service's website at: What Are the Approaches to Remitting Income? • Employees make remittances to a qualified retirement plan or 403(b) plan. • Employees contribute to a tax-qualified retirement plan or 403(b) plan. • Employees or their spouse contribute to an IRA or a tax-qualified Roth IRA. • Employers deduct and withhold an excise tax from employees' remittances. What Are Your Options to Reduce or Eliminate the Tax? • Employers deduct and withhold an excise tax from employees' remittances. • Individuals and their spouses deduct the excise tax from gross wages. • Individuals and their spouses do not deduct the excise tax from their remittances. • Employers and employees elect to treat all their employee remittances as an excise tax under the plan's §401(k) plan. To make this election, employees and their spouses must make a separate election. • Employers deduct and withhold an excise tax only when they receive the return of tax. This is the normal and expected method by which excise tax is estimated. A Form 5330 is not the appropriate tool to report or pay excise taxes that will be deducted by your employer. This form is only for remittances of excise taxes to a qualified retirement plans and qualified 403(b) plans.

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