Medical practices — solo physicians, group practices, and dental offices — frequently trigger Form 5330 late deposit penalties. 5330Prep handles the § 4975 excise tax calculation without an ERPA consultation.
Prepare Your Return — $99 →Solo physicians and small group practices often manage payroll and retirement plan deposits themselves, or through a small office manager. The DOL's deposit deadline is strict — and a single missed payroll cycle triggers a prohibited transaction. With a Solo 401(k), there is no TPA to catch it.
The practice owner finds out at year-end, during a CPA review, or in a DOL audit.
For a solo physician depositing $2,000 in employee deferrals 30 days late, the excise tax might be $7. But the IRS still requires Form 5330. Not filing compounds the problem — 5% per month late filing penalty on top of the original tax. 5330Prep gets the form done in under 10 minutes.
Failure to file Form 5330 by the due date carries a 5% per month penalty (up to 25%) on any tax owed, plus interest. For late deposits that remain unresolved, the IRS can also impose a 100% excise tax if the transaction isn't corrected.
That's it. 5330Prep calculates lost earnings and generates the PDF.
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Prepare Your Return — $99 →