IRS Pension Forms Need Your Yawns by June
Published Date: 4/14/2025
Notice
Summary
The IRS wants your thoughts on two important forms used by employers with pension and retirement plans. Form 5310 helps plan sponsors check if their plan qualifies for tax benefits, while Form 6088 reports the benefits that can be paid out to employees. If you’re involved with these plans, now’s the time to share your feedback before June 13, 2025, to help keep paperwork clear and fair!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Paperwork burden: 1,244 responses, 105 hrs each
The IRS estimates 1,244 annual responses for these collections, with an estimated 105 hours and 14 minutes per response and a total annual burden of 82,231 hours. The collection is an extension of a currently approved information collection under OMB Control No. 1545-0202, and the IRS requests public comments by June 13, 2025.
Use Form 5310 to get IRS plan letter
If you sponsor a pension, profit-sharing, or other deferred compensation plan (other than a multi-employer plan covered by Pension Benefit Guaranty Corporation insurance), you may use Form 5310 to request an IRS determination letter on whether the plan is qualified under Internal Revenue Code section 401(a) or 403(a). The notice confirms Form 5310 remains in use under OMB Control No. 1545-0202.
Form 6088 reports distributable plan benefits
Form 6088 is used to show the amounts of distributable benefits to participants and is used by the IRS to analyze an application for a determination letter when a plan terminates. Employers and plan administrators must provide these benefit amounts as part of the IRS information collection.
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