Form 5330
Form 5330 is a document used by the Internal Revenue Service (IRS) in the United States. This form is specifically designed for reporting and paying excise taxes related to certain qualified retirement plans, including employer-sponsored retirement plans such as 401(k) plans and Individual Retirement Accounts (IRAs). Excise taxes may be imposed on prohibited transactions, such as excess contributions, certain distributions, and failure to meet minimum distribution requirements. Form 5330 is used to calculate and report these excise taxes and to request any waivers or abatements that may apply under specific circumstances.
Article Reviewed By
Vicki Waun, QPA, QKC, QKA, CMFC, CRPS, CEBS, CPC, is a Senior Legal Product Analyst at Human Interest and has over 20 years experience with recordkeeping qualified plans, along with extensive experience in compliance testing. She earned her BSBA in Accounting from Old Dominion University and is a member of ASPPA.
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