Zinco

I was wondering if a plan that has two 50% owners with employees and also the same two owners have an affiliated service group with no employees, would this be another situation where the owners can use both W-2 for the one entity and K-1 for the other and combine them to determine plan compensation?

If the participant died after his required beginning date but did not receive the RMD for the year in which he died, you will use the participants info to calculate that year. All subsequent years will be based on comparing the participant’s Single Life Table factor (-1) to the oldest beneficiary’s Single Life Table factor and choosing the greater life expectancy factor for the calculation. Essentially, here, choosing the oldest son’s factor each year. The SECURE Act changed the rules for participants who died after December 31, 2019 by eliminating the lifetime payment option and the five-year method. My guess is that if it was started using the life expectancy method, it can continue that way, but I would suggest seeking more formal advice on this particular situation.

If the beneficiary is not the spouse, the RMD amount is determined using the greater of: The designated beneficiary’s life expectancy in the year following the year of the participant’s death reduced by a factor of 1 for each subsequent year; or The participant’s life expectancy at the time of death, reduced by a factor of one for each subsequent year. For multiple beneficiaries use only the one with the shortest life expectancy. Use the single life table/uniform lifetime table

Hello, I need to switch investments in plan specs to allow the use of an allocated link on a balance forward plan. After making the changes (added Voya as investment and generated accounts for everyone), I am unable to run a profit sharing transaction, and I am not sure where the disconnect might be. Also, how should the brokerage account assets be transferred over to the new record keeper platform accounts within relius to reflect the actuality of the account balances at their new record keeper platform? Any guidance is greatly appreciated