After a bit of rumor and speculation, the IRS has announced on its website that, due to administrative issues involving the EFAST2 system, IRS Form 5558 will not be able to be filed electronically until January 1, 2025. Previously, the IRS had indicated that electronic filing of the Form through EFAST2 would be available beginning January 1, 2024.
Until January 1, 2025 – and assuming that filing via EFAST2 does, in fact, become available as of such date (we will keep you posted!) – filers should continue to submit Form 5558 via paper, by means of US mail submitted to the following address:
Department of Treasury
Internal Revenue Service Center
Ogden, UT 84201-0045
NOTE: This article not meant to offer a detailed analysis of the filing or any other administrative or legal requirements applicable to 401(k) plans or other types of retirement plans (such as defined benefit plans, governmental plans, individual retirement accounts or 403(b) plans). As always, be sure to consult with your own ERISA attorney or other professional advisor for individualized advice with respect to your plan’s unique situation.
