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Form 5500 - Schedule I for Tallahassee Florida: What You Should Know

The Form 5500 Schedule C is the annual report form for the DROP plan. To be filed with Form 5500, the DROP plan must have paid at least three years of required contributions to provide for qualified distributions to participants under the plan.  This form is used to record the contributions made and the distributions received from the DROP. This form must be filed in a timely manner to be eligible for the contribution tax credit at the end of the year.  The Form 5500 is not filed with Form 941 for non-exempt contributions and non-qualified distributions. Therefore, Form 5500 must be filed  with Form 941 for these taxes. If a DROP participant ceases to be under the qualifying age, the DROP participant no longer has the right to an exemption from the requirement to file a Form 5500. However, DROP participants have the option to continue to receive a refund of nondeductible contributions up to the year of cessation of participation.  DROP Plans have the choice to report the contributions and distributions as taxable income to a potential donor for the purposes of the IRC Section 59A.

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