Going For Gold: Keeping Your 401(k)'s 5500 Reports Both Timely And Error-Free

Unlike the Olympics, the Form 5500 filing for your company's 401(k) plan takes place every year and generally must be filed no later than July 31 for calendar year plans, or by October 15 if a timely extension was filed. For any whose filing deadline still approaches, or for any filings in subsequent years, plan sponsors should follow the counsel below to better position themselves for the gold medal standard: an accepted return without penalties of any kind.

Filing Timely and Timely Responding – Run Strong and Sprint When Needed

As we detailed earlier this year, Form 5500 must be filed by the last day of the seventh calendar month after the plan year ends. If needed, plan sponsors can obtain a one-time extension, of up to an additional two and a half months, by filing IRS Form 5558 on or before the normal due date. For calendar year plans, this generally means the 5500 must be filed on or before July 31, or October 15, if a timely extension was filed.