IRS Form 5330 (Return of Excise Taxes Related to Employee Benefit Plans) is used to report and pay excise taxes related to retirement plans. For plans at Gusto, this form is most commonly used when a plan missed the deposit deadline for employee deferrals or failed to make corrective distributions timely.
If a Form 5330 is required for your account, we will upload a prepared version to your administration dashboard and notify you of the filing deadline. An authorized individual from your company (e.g., plan trustee, administrator, or corporate office) is responsible for signing the form and ensuring both the form and payment are submitted to the IRS by the specified deadline.
How to file Form 5330
Step 1: Determine your filing method
Electronic filing: If you are filing 10 or more returns, the IRS requires you to file Form 5330 electronically. Please refer to the IRS authorized Form 5330 e-file webpage for additional information.
Note, the IRS has allowed for exclusion from the electronic filing due to undue hardship or lack of authorized e-file providers. Please refer to the exclusion from electronic filing requirement page, which provides further instructions on required documentation.
Paper filing: If you are not required to file electronically, you may submit a paper return.
Print and sign: The form must be signed by an authorized individual.
Mail to:
Department of the Treasury
Internal Revenue Service Center
Ogden, UT 84201
Please note: If you are required to file electronically, but file by paper instead, please follow the instructions on this page to ensure you file correctly.
Step 2: Submit your payment
Whether you file electronically or by mail, your payment must be sent as a check or money order made payable to the United States Treasury.
Payment details: To ensure your payment is applied correctly, check Part II (page 6) of the Form 5330 instructions for details on what to write on your check.
Mailing: If filing by paper, include your payment in the same envelope as your signed form.
Failure to submit this form with your signature and timely payment may result in interest and penalties¹ or additional correspondence from the IRS.
¹ Per the Instructions for Form 5330, if you do not file a return by the due date, including extensions, you may have to pay a penalty of 5% of the unpaid tax for each month or part of a month the return is late, up to a maximum of 25% of the unpaid tax. If you do not pay the tax when due, you may have to pay a penalty of 1/2 of 1% of the unpaid tax for each month or part of a month the tax is not paid, up to a maximum of 25% of the unpaid tax. Interest and penalties for late filing and late payment will be billed separately after the return is filed.
The information provided herein is general in nature and is for informational purposes only. It should not be used as a substitute for specific tax, legal, personal investment, and/or financial advice that considers all relevant facts and circumstances. You are advised to consult a qualified financial adviser or tax professional before relying on the information provided herein.