Completing Form 5330 Attachments

When filing Form 5330, you may need to include one or more of the following attachments, each with its own specific formatting and content requirements:

• 8822-B
• Amended Return Changes (template provided)
• Prohibited Transactions Correction Statement
• Prohibited Transactions No Correction Statement (template provided)
• Reasonable Cause Explanation

Below is a detailed explanation of each attachment type and its requirements.

8822-B: Change of Address or Responsible Party

• Format: Completed PDF form.
• Instructions:
  • Download and fill out IRS Form 8822-B.
  • Save the form as a PDF.
  • Attach the completed PDF to the filing.

Amended Return Changes

Select the Amended Return Changes attachment type from the dropdown menu:

Once selected, a link to the .csv template will populate:

To meet IRS requirements, every column in the provided spreadsheet must be completed.

• Do not modify or remove the header row or any content in rows 1–11, as this will prevent the file from importing properly.

Column A: PartNum

• Identify whether the correction applies to Part I or Part II of Form 5330.
• If a correction affects both Part I and Part II, create separate line items for each.
• Use the following codes:
  • I → Part I (Lines 1–16)
  • II → Part II (Lines 17–19)
• Note: You do not need to document changes to specific schedules listed on pages 3–6 of Form 5330.

Column B: LineNum

• Enter the specific line number from Form 5330 being corrected.

Column C: OnPreviousReturnAmt

• Input the original value from the previous return for the line identified in Column B.

Column D: OnAmendedReturnAmt

• Enter the corrected value that will appear on the amended return.

Column E: ExplanationTxt

• Provide a brief, clear explanation for the correction.

Reasonable Cause Explanation

• Format: Typed directly into the attachment window.

• Instructions:
  • The software automatically converts the text into the required XML format.
  • Provide a clear, concise explanation of the reasonable cause for the late or incorrect filing.
• Example:

Prohibited Transactions Correction Statement

Purpose:

• Used when you have corrected one or more prohibited transactions reported on Schedule C of Form 5330.
• Provides details on the correction, including the date it was made, the method used, and the excise tax paid.
• Upload the statement as a PDF file.

Required Information:

• Transaction Number: From Schedule C, column (a).
• Description: Brief summary of the transaction.
• Correction Date: When the transaction was corrected.
• Correction Method: How the correction was made (e.g., lost earnings deposited, re-amortization of loans, etc.).
• Excise Tax Paid: The amount paid due to the transaction.

When to Use:

• When the prohibited transaction has been corrected and you need to report the correction to the IRS.

Example:

Plan Name: ABC Company 401(k) Plan
EIN: 12-3456789
Plan Year: 2024

Transaction 1:

• Transaction Number: 001
• Description: Late deposit of employee deferrals from January 2024 payroll.
• Correction Date: 03/15/2025
• Correction Method:
  • The employer deposited the missing deferrals into affected participants' accounts.
  • Lost earnings were calculated using the Voluntary Fiduciary Correction Program (VFCP) calculator and credited accordingly.
  • Affected participants were notified of the correction.
• Excise Tax Paid: $2,000

 Transaction 2:

• Transaction Number: 002
• Description: Incorrect loan offset distribution.
• Correction Date: 04/01/2025
• Correction Method:
  • The loan was re-amortized to correct the offset error.
  • The excess offset amount was restored to the participant's account, including lost earnings.
• Excise Tax Paid: $1,500

Prohibited Transactions No Correction Statement – Instructions

To complete the spreadsheet, list each unresolved prohibited transaction from Schedule C, including:

• A brief description of the transaction.
• The planned correction date, which Schedule C does not capture.

 Column A: TransactionNum

• Enter the transaction number from Schedule C, column (a).
• Use a whole number with up to 3 digits. 
• Example: 001

NOTE: Excel may automatically remove leading zeros. Therefore, 001 may appear as 1 in the spreadsheet.

Column B: TransactionDesc

• Provide a brief description of the transaction, expanding on what is reported in Schedule C.
• Example:
  • “Late deposit of employee deferrals from January 2024 payroll.”

Column C: PlannedCorrectionDt

• Enter the date you plan to make the correction.
• Use the standard MM/DD/YYYY format (up to 10 characters).
• Example: 03/15/2025

Key Differences between Prohibited Transactions Correction Statement and Prohibited Transactions No Correction Statement