After a bit of rumor and speculation, the IRS has announced on its website that, due to administrative issues involving the EFAST2 system, IRS Form 5558 will not be able to be filed electronically until January 1, 2025. Previously, the IRS had indicated that electronic filing of the Form through EFAST2 would be available beginning January 1, 2024.
What is Form 5558 Anyway?
- Form 5558, “Application for Extension of Time to File Certain Employee Plan Returns,” is most often used by retirement plan (including 401(k) plan) sponsors to request an extension of time to file the Form 5500 series.
- It may also be used to request an extension to file Form 8955-SSA, “Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits.”
- Form 5558 generally must be filed on or before the original due date of Form 5500 or Form 8955-SSA, as applicable, in order to obtain an automatic 2 ½ month extension.
- These filing requirements are further described in materials available on the Dashboard.
So What Do I Do Now?
Until January 1, 2025 – and assuming that filing via EFAST2 does, in fact, become available as of such date (we will keep you posted!) – filers should continue to submit Form 5558 via paper, by means of US mail submitted to the following address:
Department of Treasury
Internal Revenue Service Center
Ogden, UT 84201-0045
NOTE: This article not meant to offer a detailed analysis of the filing or any other administrative or legal requirements applicable to 401(k) plans or other types of retirement plans (such as defined benefit plans, governmental plans, individual retirement accounts or 403(b) plans). As always, be sure to consult with your own ERISA attorney or other professional advisor for individualized advice with respect to your plan’s unique situation.