What is Form 5558?
Form 5558 is designed for employers seeking extra time to file specific employee benefit plan returns, including Form 5500. This form allows an extension of 2.5 months, providing additional time to gather and submit essential information. However, it’s important to note that this extension does not postpone any tax payments related to the filings. To avoid fines and penalties, employers must file a separate Form 5558 for each return they wish to delay while adhering to the original due date.
What is Form 5558 used for?
If you need more time to file certain employee plan returns, Form 5558 can help. Here’s what you should know:
- Purpose: Request a one-time extension for filing.
- Forms covered:
- Form 5500: Annual Return/Report of Employee Benefit Plan
- Form 5500-EZ: Annual Return for One-Participant Retirement Plans
- Form 5330: Excise Taxes Related to Employee Benefit Plans
- Form 8955-SSA: Identifying Separated Participants with Deferred Benefits
How to fill out Form 5558?
- 1
Enter Name and Address – Provide your name, address, and employer details. If using a P.O. box, list it instead of a street address.
- 2
Provide Employer Identification Number (EIN) – Enter the nine-digit EIN. If you don’t have one, apply at www.irs.gov/EIN.
- 3
Specify Plan Name and Number – Enter the official plan name and its unique three-digit plan number (PN), starting from 001.
- 4
Indicate Plan Year End Date – Enter the plan’s fiscal or calendar year-end in MM/DD/YYYY format.
- 5
Request Extension for Form 5500 Series and/or Form 8955-SSA – Check the appropriate boxes for the forms needing an extension.
- 6
Ensure Timely Filing – Submit Form 5558 by the normal due date of the return/report. Extensions are automatically approved if filed on time.
- 7
Do Not Attach Additional Plans – A separate Form 5558 must be filed for each plan; additional plans listed will not be processed.
- 8
Check for Automatic Approval – If properly completed and submitted on time, the extension is granted up to the 15th day of the 3rd month after the normal due date.
Who is required to fill out Form 5558?
Plan sponsors and administrators of employee benefit plans are responsible for completing Form 5558. This form is used to request an extension for filing Form 5500 series or Form 8955-SSA when the normal due date cannot be met.
Once completed, the plan sponsor or administrator submits Form 5558 to the IRS, which processes the extension, allowing up to 2½ additional months for filing required reports.
When is Form 5558 not required?
You don’t need Form 5558 if your plan year matches your employer’s tax year and you have an extension for your federal income tax return. Additionally, if you file Form 5330 for excise taxes, you might skip Form 5558 by including an estimated payment and following the guidelines. Always confirm your specific situation to ensure compliance.
When is Form 5558 due?
The deadline for Form 5558 is on or before the regular Form 5500 due date, which is seven months after the end of the plan year. Filing Form 5558 extends this deadline by 2-1/2 months. For instance, if your regular deadline is July 31, the extended deadline becomes October 15.
How to get a blank Form 5558?
To obtain a blank Form 5558, simply visit our platform. The IRS issues this form, and we have it pre-loaded in our editor for you to fill out. Remember, our website aids in filling and downloading forms, but not in filing them.
Do you need to sign Form 5558?
Form 5558 does not require a signature. In fact, the IRS will not process the form if it is signed, as it is automatically approved when filed by the regular due date of Form 5500. However, it's always a good idea to check for any updates before proceeding. With PDF Guru, you can fill out and download this form easily for your records, but remember, submission is not supported.
Where to file Form 5558?
To submit Form 5558, you can mail it to the IRS or use an approved private delivery service. Address it to the Department of Treasury, IRS Center, Ogden, UT.
Remember, electronic filing is not an option for this form. Always use the latest version from the IRS website to prevent any processing delays.
