What is the Form 5330 excise tax penalty calculated on for late deposit of deferrals?
Rev. 11/16/07, E-mail Alert 2007-15

Only the earnings calculated on the late deposit are subject to the 15% excise tax penalty and must be reported on Form 5330. The actual deferral amounts that were deposited late are not subject to the 15% excise tax. Click here for IRS Rev. Ruling 2006-38.