What’s New

Financial institution that is a disqualified person. A financial institution that is a disqualified person who engaged in a prohibited transaction with respect to multiple IRAs or plans should file only one Form 5330 under that financial institution’s employer identification number (EIN), pay the appropriate tax, and attach a list of all impacted IRAs or plans. Do not file a separate Form 5330 for each impacted IRA or plan.

Direct deposit and electronic payments. If you have access to U.S. banking services or electronic payment systems, you should use direct deposit for any refunds. The IRS also recommends paying electronically, whenever possible.

Making a payment. If there is a balance due on Part II, line 19, go to IRS.gov/Payments for information on how to make a payment. See the instructions for Part II, Line 19 , later, for more information.

Direct deposit. Direct deposit fields have been added onto the form on Part II, lines 20b, 20c, and 20d. If there is an overpayment on Part II, line 20a, enter your direct deposit information on Part II, lines 20b, 20c, and 20d. See Part II, Line 20a, later, for more information.