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Form 5330 IN: What You Should Know
In addition, employees who receive an “expensed” amount that exceeds an annual nondiscriminatory threshold must use Form 5330 to report the excise tax. Form 5330: A Plain English Guide Dec 26, 2023 — Form 5330 is used to report and pay the excise tax related to employee benefit plans. One of the most common of these is the Instructions for Form 5330 -- ftwilliam.com If a qualified retirement plan and a 403(b) plan have the same trustee, the plan can report the excise tax from the 401(k) plan on Form 5330. Form 5330 — ftwilliam.com The required form to report a qualified retirement and 403(b) plan excise tax is Form 5330. See Publication 563, Employer's Tax Guide for Employees, for more information. If the employee elects to have the excise tax reported on Form 8606, the employee can still file Form 5330 to report the excise tax because the Form 8606 is an exception to the general rules for filing. If Form 8606 is submitted, the employee can pay the excise tax either by mail or at an FICA-paid tax service center to receive the tax in a timely fashion. The IRS does not hold refunds that are deposited into a participant's individual retirement account. Note. If the qualified retirement plan or 403(b) plan is a 401(k), the following rules apply: When the plan is a 401(k), the taxpayer has a choice whether to file separate forms. If the plan involves a combination of a 401(k) and 403(b) plan, the excise tax is required to be paid from the employee's contribution to the 401(k) plan and the deduction for the employee in calculating the 403(b) plan contribution amounts. Filing Form 5330 is mandatory if the plan involves either the 401(k) plan tax limitation (described in the first section “What is the 401(k) plan excise tax?”) or the 403(b) plan tax limitation (described in the second section “What is the 403(b) plan excise tax?”) On the employee's compensation for plan-related compensation for which the employee is claimed as a participant in the year of filing the Form 8606 as described in the first section “What is the 401(k) plan excise tax?”).
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