jane123

That's what I thought at first. But there is no relationship, other than him being a w-2 employee. Thanks for all your help. No need to provide additional responses, unless you want to. I am handing this one back to the boss as she is back. J

What does Company A do? Attorney? Accountant? Widget manufacturer? Is Client now a common law employee of Company A under its new ownership? What type of services does Client perform for Company A now? Management functions, perhaps? Company A is a dentistry Yes. Client is now a commonlaw employee under A Client A does dentistry work for Company A, as an employee.

Anyone?

Thanks for the reply. slo ca cpa, If I convert from three different traditional IRAs and elect to recharacterize, may I recharacterize one or two - or must I do so to all 3? Two will be partial conversions from my wife's traditional IRAs and one from my own. Gratefully, Michael You can recharacterize one, two or even a part of any one. No need to recharacterize them all unless you want/need to. J

Makarov, I am not sure of the answer, but I know Denise knows what should be done. I will leave her a note so that when she comes in she can respond, if you have not gotten a response by then. J

I agree with dms. Sieve, would you agree that the option to treat the loan as a deemed distribution satisfies the requirements of 2550.408b-1(f)(1)?

Hello, I am checking on this for Denise, who has a better understanding of successor rules than I do, so bear with me if my question seems too basic. Question 1: Client had Company A and a Professional Association (PA). Company A had a PSP, which covered employees Company A was sold. Client now works for Company that bought Company A, and the income passes through the Professional Association. Can client terminate PSP and set up a new 401(k) for the PA? My concern is that Company A and the PA was part of a controlled group, which would mean that the PA is still the sponsor for the PSP? Not sure. Even if they are part of a controlled group, can the PSP be terminated and the 401(k) adopted? The 401(k) will have a PSP feature. Question 2 (actually my question): Regarding the Original poster’s question. If they maintained two PSPs’, isn’t that one plan for purposes of the rules- just that they are under different plan documents? And if so, wouldn’t that mean that you could not terminate one, while the other remains? Appreciate your help.

I will take that approach and let you know how it tunrs out. Thanks

The IRA has to be opened in the name of the husband since the check would be payable to his account at the bank/ mutual fund which would be acting as custodian/trustee. That is what my boss thought. But I called the bank and they said they cannot open the account in his name, because he is not able to sign the paperwork, and they are required to give the IRA disclosures . Thank you for your responses. Jane

Your assumption is correct. The check was made payable to the IRA custodian for the IRA. The participant intended to establish the IRA after receiving the check.

A participant requested a distribution from his DB pension plan and instructed the plan to pay the check to his IRA. He died before receiving the check. Also, the IRA was not yet set up. What can his wife do with the check? The plan refuses to take it back and make it payable to his wife, even though she is his beneficiary.

Thanks

Thanks-very much

Blinky- anything from the man in the bigh chair?

From IRS Publication 571.Is there any circumstances where this can be extended to 10 -years?