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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.
- Open the return.noteIf the client's return doesn't exist in the current year application, proforma a prior year client or add a new client.
- Retrieve general ledger balances from Accounting CS or Workpapers CS for each client who needs an extension.
- SelectFile, thenPrint Extensions.
- SelectOptions, the extension, thenOK.
- To print extensions for other clients, selectClients, choose the clients, then selectOK.
- SelectPrint.
- 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:
- SelectFile, thenPrint Extensions.
- SelectOptions, thenExtension Print Options.
- Verify that you've selectedFirst extensionin theWhichgroup 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:
- SelectSetup, then5500 Benefit Plans.
- SelectTax Return.
- In theReturn Collationwindow, change the print conditions. For example, to prevent the transmittal letter and filing instructions from printing with the extension, change their condition toNever.
- To extend the 5500 an 8955-SSA returns:
- Open theIDscreen in the General folder.
- SelectBothfrom theCalculate Extensiondropdown list. (There are separateExtended due datefields 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