steve-o

Thank you, Chaz!

Forgive my ignorance here, as I don't deal with these issues often. Can a small employer (fewer than 50 employees) reimburse a portion of an employee's out of pocket expense without running afoul of ACA and/or tax law? Employer currently pays 80% of medical insurance premiums. Employee has $1,500 deductible with $3,500 out of pocket max. Employer has been covering the second half of that out of pocket max (dollars 1,751 through 3,500) in the form of a check to the employee. Any guidance is appreciated.

Taxpayer has two separate lines of business, filing a Schedule C and a Schedule F. The Schedule F has a SIMPLE IRA. That business incurred a loss in 2014. The Schedule C reported income in 2014 that is greater than the Schedule F loss. Question: Can the taxpayer make a deductible SIMPLE IRA contribution to the Schedule F business, even though it has a loss, because the taxpayer has positive net SE income?

IRA owner died in 2013. She turned 70 1/2 in 2013 prior to her death. She took some monthly distributions from her IRA, but not enough to satisfy the RMD. Required beginning date for taking RMDs would be April 1, 2014 from my understanding. Son is beneficiary of IRA. He would be required to start taking distributions in 2014, based on his age that year, using the single life table. (Alternatively, he could take all within 5 years, but he wants to extend as much as possible). My question is this: Does anyone have to receive any additional distributions in 2013? Would the estate have to claim additional RMD that would have been required to go to the owner prior to 4/1/14? Does the beneficiary have to pick up the remainder by 12/31/13? I have read some conflicting info on this.

Client was able to have the custodian issue corrected 1099-Rs. Thanks for the feedback!

Client made a Roth IRA contribution for 2011 in February 2012. Later determined that client's AGI was too high for a Roth contribution in 2011 and recommended the client do a recharacterization of the $6,000 contribution, which was completed prior to filing of the 2011 return. Client received a deduction for IRA contribution (no retirement plan in place). When completing the 2012 return this tax season, received a 1099-R that shows the full balance in the Roth account (some $30,000) was moved to traditional IRA. Is this allowed? If so, how to report on the 1040? If it is allowed, I assume the client has basis in the traditional IRA (less $6,000).

Can an individual with a SEP, aggregate net income from a Schedule F (farm) and an unrelated Schedule C (directors fees) in order to calculate the maximum SEP contribution that can be made for the year?

Can an employer make non-elective contributions of 3% to a SIMPLE IRA? Or is it limited to 2%? Could not find anything that shows either way. Employer wants to provide his one employee with 3% of comp (without any deferral by the employee) while maximizing employer's deferral/contribution to himself. Thought the 3% of non-elective would be a good way, if permissible. Any other ideas if that doesn't work?

Can an individual contribute to a company SIMPLE-IRA while also contributing to a SEP-IRA for a separate line of business? The individual has Schedule F income and other earned income and wants to contribute to a SEP as well as contribute to the SIMPLE-IRA at the individual's main place of employment, where he receives a W-2. I couldn't find anything quickly that allowed or prohibited. Any help is appreciated.

Thanks for the knowledge.

I have a corporation that made its first distributions (to owners) in 2009 from a Target Plan, a Keogh plan and a DB plan. I don't see where any of these plans applied for separate EINs in the past. Do these plans have to have EINs that are separate from the corporation's EIN in order to complete the 1099-R? Or can they merely file using the corporation's EIN?

Can't seem to find a clear answer on this... Grandmother owns a traditional IRA. She dies. Mother is sole beneficiary. Mother starts taking RMDs at age 70 1/2. Mom now dies. Son is sole beneficiary. How are the remaining IRA assets treated? 1) Does he have to take it all in the year of death? 2) Can he take it over Mom's life expectancy? 3) Can Son take it over his life expectancy? (I don't think so). 4) Something else?

Is there a minimum amount of assets needed before there is a requirement to have a fidelity bond in place for a 401(k) plan? I know the bond should be for at least 10 percent of assets and needs to be no larger than $500,000, but is there a minimum?

This was not a SARSEP. I believe we are proceeding with the client signing a new form and starting a new account. Thanks for the input.

I have a Schedule C client who started a SEP in 1996. Contributions were made for a couple of years before the client took a job with W-2 wages. Now, in 2006, the client returned to the Schedule C world and wants to make a contribution to the SEP. Can this be done? Or does the plan terminate if contributions aren't made after a certain number of years? Will a new SEP need to be established?