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Filing

Prepare 5500 extension forms

You can print extension forms for 1 client or a batch of clients. The application prepares Form 5558 for Forms 5500, 5500-SF, 5500-EZ, and 8955-SSA and generates transmittal letters and filing instructions for this form.
  1. Open the return.
    note
    If the client's return doesn't exist in the current year application, proforma a prior year client or add a new client.
  2. Retrieve general ledger balances from Accounting CS or Workpapers CS for each client who needs an extension.
  3. Select
    File
    , then
    Print Extensions
    .
  4. Select
    Options
    , the extension, then
    OK
    .
  5. To print extensions for other clients, select
    Clients
    , choose the clients, then select
    OK
    .
  6. Select
    Print
    .
  7. Take the following steps if you get this error:
    The selected clients will not be printed because their entity does not support the extension selected
    :
    1. Select
      File
      , then
      Print Extensions
      .
    2. Select
      Options
      , then
      Extension Print Options
      .
    3. Verify that you've selected
      First extension
       in the
      Which
       group box.
    note
    • The application keeps the previously used extension print option. After printing, reset your extension print options to First Extension or create a 2nd extension.
    • According to the Department of Labor's EFAST2 Guide for Filers and Service Providers:
      • Filers don't need to attach form 5558 or any other extension request to Form 5500.
      • Filers need to mark the checkbox on form 5500 and, if needed, enter a description of the special extension.
      • Plans still need to file form 5558 (or other applicable extension forms) with the Department of Labor or IRS and maintain a copy of the forms with their records.
      • Extension Form 5558 isn't available for electronic filing for tax years 2023 and prior. You'll need to print extension forms and mail them to the IRS.
    • Following these steps 1 to 7 prints 1 copy of the extension following defined government collation conditions. You can modify this collation:
      1. Select
        Setup
        , then
        5500 Benefit Plans
        .
      2. Select
        Tax Return
        .
      3. In the
        Return Collation
         window, change the print conditions. For example, to prevent the transmittal letter and filing instructions from printing with the extension, change their condition to
        Never
         .
    • To extend the 5500 an 8955-SSA returns:
      1. Open the
        ID
         screen in the General folder.
      2. Select
        Both
         from the
        Calculate Extension
         dropdown list. (There are separate
        Extended due date
         fields for form 5500 and 8955-SSA, where you need to enter new dates if they differ from pre-defined dates.)

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 5500 Beneficiary Plan

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