Jakyasar Posted September 18, 2020 Share Posted September 18, 2020 Hi Sponsor is an S-corp. 2019 MRC is 150k and they deducted 200k, all fine, however ( As far I know, S-corp extended filing deadline is 9/15/2020 (not extended by any Acts/laws) but they made the deposit today. They lose the deduction for 2019, correct? Deposit was done by wire transfer so 9/18 date is firm. As for the extended deadline to meet the MRC. For 2019 plan year, assuming that they missed the deduction deadline, what should I use for 2019 sch SB+5000? All 200k or 150k plus a few days of interest adjustment, say 1k for total of 151k? I must be missing something here. Thank your thoughts/comments Link to comment Share on other sites More sharing options...
AndyH Posted September 18, 2020 Share Posted September 18, 2020 If they missed the deduction deadline, the deduction is $0, not $200k. For the SB, you can put $150k or $200k; but at least the amount to avoid a funding deficiency. Hassle either way for 2020. Link to comment Share on other sites More sharing options...
Mike Preston Posted September 18, 2020 Share Posted September 18, 2020 Disaster relief? Link to comment Share on other sites More sharing options...
Jakyasar Posted September 22, 2020 Author Share Posted September 22, 2020 Good morning Mike The plan sponsor is not in a disaster relief area (they are in Northeast corridor). Is there another disaster relief that I am not aware of? Thank you Link to comment Share on other sites More sharing options...
Jakyasar Posted September 22, 2020 Author Share Posted September 22, 2020 Good morning Andy Thank you for your input, what a hassle it is. Link to comment Share on other sites More sharing options...
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