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Form 5330 UT: What You Should Know

A Form 5330 will not provide the necessary information or documentation to allow the sponsor to track EDT owed to the IRS. Instructions for Forms 5330 or Form 5331 — Taxpayer Assistance Center Learns about how the IRS collects excise taxes and what to report on these forms. Learn how to file an excise tax exemption return to minimize your excise tax bill for the coming year and to file Form 5330.  Read the complete IRS Publication 5335 — Excise Taxes, to learn more about federal excise taxes and related forms. Instructions for Form 5330 — Tax-Related Information This form must be used by an employer who knowingly provides false information to an employee, who does not qualify to receive the benefit of the tax benefit, in order to avoid the excise tax. In addition, these forms must be filed with the employer, not the employee, if the employer's failure to provide the required information will cause the employee to not provide the required certification to the IRS. This is true even if the employee had already provided the disclosure information to the employer. Instructions for Form 5330 — Excise Taxes Related to 457 Plans All 457 Plans must contain a tax exclusion, so that any excess distributions are not taxable. The Plan sponsor provides the following information for the Form 5330 for this purpose. Instructions for IRS Form 5300 (Reynolds Compensation) — 457 Plans For details on all 457, 401(k) and 403(b) plans, as well as other excise taxes, see: Information on Tax-Related Exemptions — 457 Plans and Other Excise Taxes Learn about: Excess Distributions — 457 Plans and Other Excise Taxes — IRS.gpo.gov/taxcredits/ExcessDistributionTax. Form 5330 — Exemptions and Excess Distributions for 457 Plan Exemptions — Self Instructions for Federal Form 5330– Exemptions and Excess Distributions: Self The tax year is from January 1 through December 31. However: The form you are filing for is for the next year. Do not complete or prepare for the present tax year. The information contained in the Form 5330, may affect your current tax liability for any years for which you are not eligible to apply this exemption.

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