Form 5308: Request for Change in Plan/Trust Year
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Form 5308: Request for Change in Plan/Trust Year

Request approval to change the plan/trust year of certain employee retirement plans: except for certain plans, employers or plan administrators must file Form 5308 with the IRS to receive approval. To avoid filing, certain criteria must be met for automatic approval.

What is Form 5308?

Form 5308 is an application used to request approval to change the plan/trust year of certain employee retirement plans. For instance, a defined benefit plan, money purchase pension plan, or target benefit plan must submit this form if automatic approval through Rev. Proc. 87-27 does not apply. Profit-sharing plans, stock bonus plans, insurance contract plans, governmental plans, church plans, and plans that have not provided for employer contributions, are among the exceptions. Furthermore, automatic approval may be granted if certain requirements are met, such as taking all actions necessary to implement the change of plan year, no plan year being longer than 12 months, and the trust’s exempt and unrelated business tax statuses remaining intact during the change. The application must be signed by the employer for single employers plans, and by the plan administrator for plans with multiple employers. A user fee as described in Rev. Proc. 2019-4 must also be included.

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IRS Form 5308 – Who Needs to Fill It Out?

Form 5308 must be filled out by the employer of certain employee retirement plans to request approval to change the plan/trust year. Exceptionally, profit sharing plans, stock bonus plans, insurance contract plans, governmental plans, and church plans are exempt from this filing requirement. Automatic approval is given if all actions are taken within a certain short period, and no change of plan year has been made in the last four years. A user fee must accompany the application, as well as all requested information and a signature from the employer or plan administrator. Power of Attorney and Declaration of Representative (Form 2848) is required if someone else is filing Form 5308 on behalf of the taxpayer.

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Step-by-Step: Form 5308 Instructions For Filling Out the Document

Filing Form 5308 is required for many employee retirement plans in order to change their plan/trust year, unless they are one of the exceptions noted. Satisfy the automatic approval requirements by taking necessary actions on or before the short period, and making sure the plan year is not longer than 12 months. Details on who must file, exceptions, automatic approval, filing address, user fee, and information requested are outlined in Rev. Proc. 87-27. Make sure to include power of attorney if someone is filing on behalf of a taxpayer and sign the application as appropriate (by the employer for single employer plans, the plan administrator for plans of more than one employer). Finally, include the appropriate user fee when submitting the application.

Below, we present a table that will help you understand how to fill out Form 5308.

Information Required for Form 5308 Details
Filing Requirements Required for many employee retirement plans to change their plan/trust year
Automatic Approval Satisfy automatic approval requirements
Filing Address Follow filing address instructions
User Fee Include the appropriate user fee
Power of Attorney Include power of attorney if applicable
Signing Sign the application as appropriate
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Do You Need to File Form 5308 Each Year?

To change the plan/trust year of certain employee retirement plans, employers or plan administrators must file Form 5308 unless the particular plan meets the exceptions. Automatic approval may apply if the change meets certain requirements and no change of plan year has been made for any of the four preceding plan years. The form must be filed in duplicate with the Internal Revenue Service Attn: EP Letter Rulings and include a user fee. Additionally, information requested and a signature are required. If someone else is filing Form 5308 on behalf of a taxpayer, a power of attorney must also be included.

Download the official IRS Form 5308 PDF

On the official IRS website, you will find a link to download Form 5308. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 5308

Sources:

https://www.irs.gov/forms-pubs/about-form-5308

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