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5500 - Schedule H Form: What You Should Know

Aug 31, 2023 ‚ÄĒ The 10/20/2018 to Oct 31/21/2025 tax credit is not applicable toward the 2023 plan year under section¬†6056,¬† Forms 5500 and 5500a (Form 5500) (the 10-year extension), and the¬† 10-year extension is not applicable toward the 2023 plan year because the¬† 2025 tax credit for each individual under section¬†6056(d) cannot exceed 10,000 (5,000¬† for a joint return), the credit will not be available for the taxable¬† year beginning after Oct. 21, 2025, under section¬†6056(c)(3), and the maximum annual¬† unused credits in the 10-year extension are 14,500 (12,500 for a joint¬† return). The credit will be allowed regardless of the date that an individual begins accruing a¬† deductible reduction under section¬†2602(a) of the Internal Revenue Code. Taxpayers who do¬†get an extension for the 2023 plan year on or before the¬† date that is 60 days from Nov. 10, 2018, and then file¬†Form 5500 before they begin the¬† deduction period, must still complete the 10/20/2018 to Oct. 31/2026 tax¬† credit under section¬†6056 (the 10-year extension), and will not be eligible for any credit¬† under section¬†62(a) or the 2023 increase in the alternative minimum tax (AMT) in¬† any future taxable year, including the 2023 plan year. Aug 31, 2023 ‚ÄĒ The 10/20/2018 to Oct.

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Video instructions and help with filling out and completing Form 5500 - Schedule H

Instructions and Help about Form 5500 - Schedule H

Hi Mitch Nichols with Kong Dynamics, back at you again. We just reviewed the previous videos and the dataset file for the 2011 plan year. Now, we're going to go into the larger file for 2010. On your database file, you'll see two subdirectories: the most current one for 2011 and the previous year 2010. As you may know, employer groups have 200 days to file for the previous plan year. So, for those who have already filed for the 2011 plan year, that data will be captured. However, for the ones who are late filers, the most recent data available will be for the 2010 plan year. That's why we include both the 2010 and 2011 data sets, as the records in the 2010 file are larger because everyone has filed for that year by now. Let's dive right into the schedules ACH. You'll notice that the database is split, with schedules ACH and I in one database file for 2011, and ACH and I in another file for 2010. The 2011 file is not as large, while the 2010 file contains more records. In this file, you might come across plan years that are previous to 2010, as some employers file late and include previous years' data in the most current data set available at the time. Don't worry about it, just use a data filter and select everything after 12/31/2009 to capture everything for 2010. You'll see that the number of records slightly decreases to 368,000. The schedule A section in 2010 is similar in look and feel to the 2011 file. It includes all pension, health, and welfare information. Use filters throughout the process as it's the same look and feel as before. Scroll through and take note of the plan numbers. Typically, plan numbers less...