Tax Preparation Help  
Instructions for Form 5307 2006 Tax Year

Instructions for Form 5307 - Introductory Material

This is archived information that pertains only to the 2006 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.

We ask for the information on this form to carry out the Internal Revenue laws of the United States. If you want to have your plan approved by the IRS, you are required to give us the information. We need it to determine whether you meet the legal requirements for plan approval.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by section 6103.

The time needed to complete and file this form will vary depending on individual circumstances. The estimated average time is:

Recordkeeping Learning about the law or the form Preparing the form Copying, assembling, and sending the form to the IRS
Form 5307 27 hr., 8 min. 6 hr., 34 min. 10 hr., 6 min. 48 min.
Sch. Q (Form 5300) 6 hr., 13 min. 9 hr., 14 min. 9 hr., 45 min.  

If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we would be happy to hear from you. You can write to the Tax Forms Committee, Western Area Distribution Center, Rancho Cordova, CA 95743–0001.

Do not send any of these forms or schedules to this address. Instead, see Where To File on page 2.

Public Inspection.   Form 5307 is open to public inspection if there are more than 25 plan participants. The total number of participants must be shown on line 4e. See the instructions for line 4e for a definition of participant.

Disclosure Request by Taxpayer.   The Tax Reform Act of 1976 permits a taxpayer to request the IRS to disclose and discuss the taxpayer's return and/or return information with any person(s) the taxpayer designates in a written request. Use Form 2848, Power of Attorney and Declaration of Representative, for this purpose.

Changes To Note

  • The form and the instructions have undergone revisions in the format and the information required. Review these documents before completing the application.

  • Complete Schedule Q (Form 5300), Elective Determination Requests, if you want to broaden the scope of a determination letter by requesting a determination that your plan satisfies certain qualification requirements relating to minimum participation, coverage, and nondiscrimination. Schedule Q is no longer mandatory.

  • Completion of page 3 of Form 5307 is also optional. Complete page 3 for: (a) a request for a determination regarding the ratio percentage test under Regulations section 1.410(b)-2(b)(2), (b) a determination regarding one of the special requirements under Regulations section 1.410(b)-2(b)(5), (6), or (7), or (c) a request for a determination regarding the nondiscrimination design-based safe harbors of section 401(a)(4).

  • The former regional prototype program has merged into the "Master or Prototype Program" (M&P). See Rev. Proc. 2000-20, 2000-6 I.R.B. 553 regarding the restructuring of the prototype approval process.

How To Get Forms
and Publications

Personal computer.   You can access the IRS Web Site 24 hours a day, 7 days a week at www.irs.gov to:
  • Download forms, instructions, and publications.

  • See answers to frequently asked tax questions.

  • Search publications on-line by topic or keyword.

  • Send us comments or request help by e-mail.

  • Sign up to receive local and national tax news by e-mail.

  You can also reach us using file transfer protocol at ftp.irs.gov.

CD-ROM.   Order Pub. 1796, Federal Tax Products on CD-ROM, and get:
  • Current year forms, instructions, and publications.

  • Prior year forms, instructions, and publications.

  • Popular tax forms that may be filled in electronically, printed out for submission, and saved for recordkeeping.

  • The Internal Revenue Bulletin.

  Buy the CD-ROM on the Internet at www.irs.gov/cdorders from the National Technical Information Service (NTIS) for $21 (plus a $5 handling fee).

By phone and in person.   You can order forms and publications 24 hours a day, 7 days a week, by calling 1-800-TAX- FORM (1-800-829-3676). You can also get most forms and publications at your local IRS office.

  For questions regarding this form, call the Employee Plans Customer Service, toll-free, at 1-877-829-5500 between 8:00 a.m. and 9:30 p.m. eastern time.

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