Bruce1

Taken from the 5500-ez instruction: "You do not have to file Form 5500-EZ for the 2023 plan year for a one-participant plan if the total of the plan’s assets and the assets of all other one-participant plans maintained by the employer at the end of the 2023 plan year does not exceed $250,000, unless 2023 is the final plan year of the plan. For more information on final plan years, see Final Return, later." Why would you not start a traditional IRA or Roth IRA? If you aren't exceeding the limits for IRA's?

For an employer who files a Schedule C and has a few W-2 employees. Is the plan deductibility limit for employer contributions (employer's net Schedule C + w-2) * .25? Does anyone have any information on this?

Thank you!

Once an employee has satisfied the initial eligibility computation period what if he goes under the 1,000 hours for the next plan year? Do you have to do a corrective distribution of his deferrals? Or is it, that if an employee was eligible to defer at one time they they will always be eligible to defer? All I see in the plan document is that "An employee is eligible to participate if he satisfies the following requirement during the Eligibility computation period". It says that you must meet the 1,000-hour requirement to be able to defer but it doesn't mention after you've met eligibility requirements you must have 1,000 hours in the plan year to be able to defer. I appreciate anyone's thoughts!