Form 5558 Instructions

  • 15 June 2023

One of the many documents that taxpayers in the United States may encounter is the IRS Form 5558. This application is primarily used to request an extension of time to file certain tax-related reports and returns. While it might appear straightforward, the form might apply to a variety of atypical scenarios. In this article, we'll explore some scenarios and provide feasible solutions. Additionally, we'll guide you through the necessary steps for rectifying errors made while filing Form 5558. Finally, we'll address a few frequently asked questions for further clarification.

IRS Form 5558: Atypical Scenarios & Feasible Solutions

  • Scenario 1
    Let's say you're the trustee of a retirement plan that requires filing Form 5500. Due to unexpected circumstances, you find yourself unable to complete and file the application within the stipulated deadline. In this situation, you can use Form 5558 to request an extension of up to 2.5 months for filing Form 5500. Complete and submit Form 5558 to the IRS before the due date for the 5500 return to successfully receive the extension.
  • Scenario 2
    Imagine being an employer who sponsors a cafeteria plan and uses Form 5500 to file the annual report for the plan. You suddenly realize that you've made an error in the reporting and need additional time to amend the 5500 copy. In this case, you can file Form 5558 to request an extension to correct the mistake. When filing Form 5558, be sure to indicate that the extension is for an amended return.
  • Scenario 3
    As a business owner, you provide health coverage for your employees through a self-insured plan. To comply with the Affordable Care Act (ACA), you must file Form 720. However, due to administrative hiccups, you need additional time to file the form. You can submit Form 5558 to request a 60-day extension for filing the 720 copy. This extension will allow time to gather necessary information and ensure accurate reporting to the IRS.

Steps to Take if an Error Occurs When Filing Form 5558

Accidents happen, and if you encounter an error when filing Form 5558, there are steps you can take to resolve the issue:

  1. Identify the mistake and determine if it affects the outcome of the extension request.
  2. Amend the sample promptly by checking the "Amended return" box, correcting the error(s), and resubmitting the form to the IRS.
  3. Acknowledge the error in writing and save documentation of the amended return for your records.
  4. Consult with a tax professional for guidance in case of a complicated error or if you are unsure how to proceed.

Frequently Asked Questions

  1. Can I file Form 5558 electronically?
    Yes, you can file Form 5558 electronically through an authorized e-file provider or using tax software that supports this document.
  2. What is the deadline for filing Form 5558?
    The deadline for filing Form 5558 is the same as the due date of the return for which you request an extension.
  3. Is there a penalty for filing Form 5558 late?
    If you file the extension request late, the IRS may deny your extension request and impose late filing penalties on the tax form for which the extension was requested.

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