Excise Taxes Covered

Form 5330 is used to report various excise taxes related to non-compliance in employee benefit plans.
The major categories include:

Prohibited Transactions (IRC §4975)

Taxes on improper use of plan assets or transactions with disqualified persons.

Failure to Meet Minimum Funding Standards (IRC §4971)

Applies when required contributions to pension plans are not made on time.

Excess Contributions / Excess Deferrals (IRC §§4972, 4979)

Covers contributions or salary deferrals exceeding IRS limits.

Excess Distributions (IRC §4980A)

Tax on distributions exceeding allowable limits (mainly for older plan years).

Reversion of Plan Assets (IRC §4980)

Applies when pension plan assets revert back to the employer.

Failure to Provide Required Benefits or Notices

Includes certain compliance failures like not meeting plan requirements or disclosures.

Multiemployer Plan Issues (IRC §§4976, 4977, etc.)

Covers specific violations related to multiemployer plans.