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Why aren't you asking the actuary? He/she can do this, probably with alternatives you have not yet considered.

David didn't say talk to the "TPA", he said, talk to the "actuary". If you aren't getting good information from the TPA, ask them to let you talk to the actuary. If they refuse, the actuary's name and phone number will be on the Form 5500 Schedule SB. Now, the actuary might be harder to understand than the TPA, but they would be your best source of information.

Yes. You cant file an amended 2023 5500-SF since there is no original 2023 5500-SF. You can file a 5500-SF, but not amended one at this point. Btw, if you have never filed a 5500-SF for this plan, this filing must also indicate "first return". Unlikely, but the IRS will send you love letters, and it may take a bit to get it fixed. What will happen is: - The IRS will say that the 2023 Form 5500-SF was late. - You will need to respond with your explanation that you filed an EZ, then found out that the circumstances were different. I have never had an issue doing this. - The IRS will probably contact the client again looking for a 2024 Form 5500-EZ since you filed a 2023 Form 5500-EZ. Respond with the explanation. Side question, how many years of EZ's do you need to fix, assuming 2023 was not the first year for the plan?

Depends what you are are talking about. Is it for funding or payout? There is no way to waive the phase in that is defined by the Internal Revenue Code. When you pay out the 415 100% of pay limit is phased in on service which includes all year even the ones that existed before the Plan. And base on DOH both owners will have 10+ years of service at the end of 2026. Assume you've worked enough to satisfy the Plans service accrual rules. When you pay out the 415 dollar limit that is phased in on participation which only includes years the plan is active and at the end of 2026 it will be impossible to have more than than 7 years of participation given the plan's start date (unless you have participation from a prior DB plan but then you would also need to off set for prior payout) so you can get no more than 70% of the dollar limit. But that is payable at age 62. Since at the end of 2026 neither of you will be age 62, you'll need to actuarially reduce the figure from age 62 to payout age. And the overall limit is the lower of those two. Then when you convert that to a lump sum you need to use both the plan factors and the IRS factors and the lump sum is the lower of those two numbers. And figuring this all out correctly relies on knowing the Plan's actuarial assumptions and the underlying demographic data for the participants because they can affect the calculations and cause it to be lower than the IRS absolute max which probably what CHAT GPT is spitting out. So if you are getting 3 different numbers, the one who has the most information - your TPA - is probably the correct one.

1. Does a plan exist or is this hypothetical? 2. What does "have extreme excess" mean? 3. What is the relationship between the original poster and the plan and/or the plan sponsor?