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Robin, are you familiar with Form 5500? we filed the form with

our 401(k) provider a couple...
Robin, are you familiar with Form 5500? we filed the form with our 401(k) provider a couple of years ago, and now we need to amend the return. Our 401(k) provider is a different one now. How should we file the amended Form 5500?
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Answered in 24 minutes by:
7/30/2013
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 882
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Welcome to Just Answers! The expert you requested is not available, so I will attempt to answer your question!

I am familiar with the Form 5500, the Annual Return/Report of Employee Benefit Plan. This is actually a Department of Labor form, not an IRS form. You do not file it with your plan administrator. You have to electronically file it directly with the Department of Labor.

The 401(k) provider, whether T Rowe Price, AXA, Pershing, or any of the other big plan administrators/managers will provide you with the information that is required for filing the return.

If you need to amend a previously filed return, you need to file it electronically as well. You can go to:

http://www.efast.dol.gov/welcome.html

They have information on filing amended returns. Click on the FAQ under Support on the left side menu. Then choose Electronic EFAST2 FAQ. There is an item, Q4, addressing amended returns.

I hope this answers your questions! If you have any more, please feel free to ask away! If you have found my answer helpful, please rate me highly, I would appreciate it!

Thanks again! And have a great week!
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 882
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Customer reply replied 4 years ago


Sorry to ask again: just to clarify, we need to file the amended return electronically and we do not need our 401(k) provider? our amended return is going to be the same as the previously filed, except for the "FINAL" box needs to be checked.

That is correct. You file it for yourself.

As far as the box to check, in Part 1, Question B, "This Return/Report is:" you want to put an "X" in the "Amended Return/Report" box. Your original submission is supposed to be final. The DOL is clear in its FAQ that they do not want draft returns (some people must have done this). If you are sure that this is the final return/report as well, you can also check that box. But the Amended box should be marked.

Once again, I hope this answers your questions! If you have any more, please feel free to ask, I am always happy to answer! If you have found my answer helpful, please rate me highly, I would appreciate it!

Thanks again! Have a great week!
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 882
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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taxmanrog
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Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.

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