RETIREMENT PLANS
When is Form 5500 due, and what if you missed it?
Most small-business 401(k) sponsors learn about Form 5500 once, when a provider mentions it, and then it lands on the same July date every year. Miss it and the cost depends less on how late you are than on which route you take to fix it.
Open the free Form 5500 late filing calculatorThe due date
The annual return is due on the last day of the seventh month after the plan year ends. For a calendar-year plan that is July 31. If the date falls on a Saturday, Sunday or federal holiday, it moves to the next business day.
| Plan year ends | Normal due date | With Form 5558 |
|---|---|---|
| December 31 | July 31 | October 15 |
| June 30 | January 31 | April 15 |
| September 30 | April 30 | July 15 |
Before any weekend or holiday move. Verify the dates for your plan against the current form instructions.
The extension
Filing Form 5558 by the original due date adds two and a half months, to the 15th of the tenth month after the plan year ends. It has to be filed on time to count, and it does not extend the date for anything else.
Who has to file at all
Small and large plans file every year. A one-participant plan (an owner, or an owner and spouse, and no other employees) files Form 5500-EZ only when assets exceed $250,000 at the end of the plan year, and also in the year the plan is wound up. That threshold is an editable figure in the calculator.
What a late filing can cost
Three numbers matter, and they come from different places:
| Route | Figure as published |
|---|---|
| DOL DFVC programme, small plan | $10 a day, up to $750 per late annual report and $1,500 per plan |
| DOL DFVC programme, large plan | $10 a day, up to $2,000 per report and $4,000 per plan |
| IRS late-filing penalty | $250 a day, up to $150,000 per return |
| DOL civil penalty | a statutory maximum per day, adjusted for inflation each year, with no overall cap |
Written from memory of the programme and statute and subject to change. The IRS and DOL figures are ceilings, not what is normally assessed.
The DFVC programme is the reason a late filing does not have to be frightening: a fixed, capped amount in exchange for filing before the DOL writes to you. It resolves the DOL penalty only. The IRS assesses its own penalty separately, and often abates it when there is a reasonable explanation.
What to do next
Gather the year-end assets and participant counts, prepare the right form for each late year, get an EFAST2 credential if you do not have one, and file electronically. Do not wait for a notice: the programme is for filers who have not yet had one.
The Form 5500 late filing calculator does the date arithmetic, including the extension, rollover and multiple unfiled years, and puts the DFVC cost next to the IRS and DOL ceilings. Everything runs in your browser.
Calculate the cost of filing lateCommon questions
When is Form 5500 due?
The Form 5500 series is due on the last day of the seventh month after the plan year ends: July 31 for a calendar-year plan. If that day is a Saturday, Sunday or federal holiday it moves to the next business day. Filing Form 5558 by the original due date extends it by two and a half months, to October 15 for a calendar-year plan.
What happens if I miss the Form 5500 deadline?
Two agencies can assess penalties: the IRS up to $250 a day to a maximum of $150,000 per return, and the DOL a civil penalty with a much higher per-day statutory maximum that is adjusted for inflation each year. Neither is automatic, but the exposure is real, and the DOL's Delinquent Filer Voluntary Compliance (DFVC) programme exists to let a filer pay a small fixed amount instead.
How much does the DFVC programme cost?
As published, $10 a day with a cap of $750 per late annual report and $1,500 per plan for a small plan (fewer than 100 participants), and $2,000 per report and $4,000 per plan for a large plan. These are the figures this page starts with; they are editable, and you should verify them against current DOL guidance.
Does the DFVC programme remove IRS penalties?
Not by itself. DFVC resolves DOL civil penalties for the reports it covers; the IRS assesses its own late-filing penalty separately, and often abates it for reasonable cause. The combined saving on this page assumes no relief of any kind, so it is a ceiling and not a forecast.
Does a one-participant plan have to file?
A one-participant plan files Form 5500-EZ only when its assets are more than $250,000 at the end of the plan year (or it is in its final year). At or under that, no return is due for that year. Check current IRS instructions for the threshold and the final-year rule.
What do I file and where?
Small plans usually file the short Form 5500-SF and large plans the full Form 5500 with schedules, both electronically through EFAST2, which needs a filing credential. A DFVC filing is made through EFAST2 with the programme's online penalty payment. A one-participant plan can file Form 5500-EZ on paper with the IRS or use the electronic 5500-SF.