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AdKu

Excess Asset from Suspense Account Allocation in QRP

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Does the owner of a sole prop need to have current year income to have the Excess Asset from QRP Suspense Account Allocated to him over seven year?

There is some mention of the 415 applicability to limit the amount allocated (see attached).   But I didn't find anything that tells me if an owner of a sole prop needs to have current year income to receive allocation as the case would be if it was not from QRP.

irs_plr_2008-36034.pdf

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4 hours ago, Lou S. said:

The QPR still need to comply with 415 limits.

And the QRP, too.

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I think what AdKu is trying to ask is, is an allocation from the suspense account in a QRP considered an annual addition?  The answer is yes. If the sole proprietor's net earned income for the year is 0, then their annual additions limit is 0, and they may not receive an allocation from the suspense account.

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