Electronic filing is now available for Forms 5558 and 5330
There’s good news for retirement plan sponsors and administrators: electronic filing is now available for both Form 5558 and Form 5330 – bringing long-awaited convenience and efficiency to the process.
Goodbye Paper, Hello E-Filing for Form 5558
Since 2009, Form 5500, the annual report for retirement plans, has been filed electronically through the Department of Labor’s EFAST system. However, until now, the related Form 5558 extension request still required paper submission. For many third- party administrators and plan sponsors, this meant mailing forms early to ensure they were received and processed by the IRS.
Starting with the 2024 plan year, that changes. Electronic filing for Form 5558 is finally here, and most third-party administrations are expected to make the switch. Electronic submission not only streamlines the process but also provides immediate confirmation that the extension was filed on time.
(Sorry, USPS, but we will not miss the trips to send extension requests via certified mail!)
Expanded E-Filing Options for Form 5330
Form 5330 is used to report the payment of excise taxes for a variety of issues, including late deposit of 401(k) salary deferral deposits. While e-filing became available in 2023, options were limited due to a small number of IRS-approved providers. The provider list is expanding so that more plan sponsors can arrange for electronic filing. For the 2024 taxable year, the IRS will allow both electronic and paper submissions, giving plan sponsors more flexibility and easier access to digital filing options.
