Section 14 Form 5330 - Schedule L (4971 Tax)

Section 14 must be present if there is an entry in Field 0310D. If Section 14 generates as a missing section, determine if the filer entered the tax amount on the wrong line on Page 1. If the filer entered the tax amount on the correct line, enter the amount from Page 1, 10d into Field 04L2.

Section 14 is invalid when CCC "G" is present

If this is a true amended return, delete Section 14.

Section 14 is invalid when Section 04, 05, 06, 07, 09, 10, 11, or 12 is present. Taxes for these sections cannot be reported on the same Form 5330 as the Section 4971(h) Tax.

SSPND 351 and prepare Form 4227.

Rejects changes the numbered Form 5330 to reflect the tax for only Section 4971(h) Tax.

Rejects prepares a new Form 5330 for the remaining tax.

See IRM 3.12.22.8.1, Form 5330 Splitting Taxes, for complete instructions on splitting taxes.

The following fields are in Section 14:

AFD

POS

FIELD NAME

FORM LINE #

14L1

3

Number of Days during the taxable year

Schedule L Line 1

14L2

13

Multiply by $100

Schedule L Line 2

Field 14L1 is located on Form 5330, Schedule L, Line 1.

This field may be present.

If present, must be numeric.

Correct coding and transcription errors.

Field 14L2 is located on Form 5330, Schedule L, Line 2.

This field may be present.

If present, must be numeric.

Entry in Field 14L2 is not numeric.

The amount in 14L2 is present but is not equal to 14L1 multiplied by $100.

Correct coding and transcription errors.

If Field 14L2 is blank but an entry is on 14L1, multiply 14L1 by $100 and enter amount in Field 14L2.

If the taxpayer made an error in transferring the total tax from Field 14L2 to 0310D, enter TPNC 90.

If the taxpayer made an error in calculating the tax reported on Schedule L line 2, enter TPNC 90.