How do I enter a percentage of 100% or greater on the 2001 Schedule B Item 14b?
On the 2001 Schedule B item 14b that has been an issue with the percentage. Based on the instructions for the 2001 Plan Year, the percentage could be greater than 99.99% (which is the largest amount that the forms can hold). Here is the proper way to address this issue:
Below is the final statement approved by IRS to be issued to EFAST Software Developers for Schedule B Line 14b. The statement hopefully will eliminate any unnecessary confusion about how to data enter this field.
Due to an oversight on the 2001 Form, filers, filing electronically or using Approved Form 5500 Vendors Software, where total percentage may exceed four entries on Schedule B, line 14b "Target percentage for transition rule* should round their percentage to 99.99% if the percentage is 100.00% or over. The number of entities should not exceed the number of boxes. Although, the Form 5500 instructions for this year's Schedule B, line 14b indicates that a larger number than 99.99% can be entered by filers in some cases, there are still only 4 boxes. Though the instructions for this field changed in 2001, neither the printing control nor the electronic filing specifications changed for that field.
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