RayJJohnsonJr

Well, I'm an Independent RIA, and am paid a fee to manage his investments, so I guess I'm a fiduciary already. I called PenChecks thinking it would be a waste of time. Lo and behold, for $35 they will remit the tax withholding. Fed. and State and prepare the 1099R. This pays for one tax deposit per year (Fed + State count as one), and and ancillary filings like 945 etc. Unbelievable. The truth is stranger than fiction. Thank you thepensionmaven, BG5150, and all others.

I Studied the EFTPS website and procedure. To convenience my client I usually do things like this for them. Am I allowed? The first question when enrolling is, business or individual or federal agency? it seems the only choice a pension plan could make is business. there is no option for a pension plan. Do you agree? The other thing is, I'll have to do this on Alabama Department of Revenue website, too, the client's resident state, but theirs is more complicated I may have to call them. Thank you for the tip BG5150. I really appreciate it.

Thank you, ESOPMomma. I much appreciate it.

THANK YOU ALL SO MUCH! This is why I love BenefitsLink. Is PenChecks good for 1, (one participant) Plan only? That's all I need. Also, the Schwab Account where all the money is has a check writing priveledge, in case that matters. The sole participant is a retired physician living off of this Plan.

Sorry ESOP Guy, I just saw your reply. Good idea, but do we get the tax savings of QCD rules. I don't see why Plans can't do QCD's like IRA's.

What is the most efficent way to withhold Federal taxes and remit the withholding to the gov't? I have never had to do this before because my plans are typically with John Hancock or Charles Schwab who take care of the withholding on distributions. The plan I need to start withholding and remitting taxes on is a 1 (80 yr. old) participant profit sharing plan with all investments in a Charles Schwab account which I have access to as the Advisor. But Schwab is not the TPA, I am. I just want to do this the easiest way possible. Thanks all.

IRA owners can have their RMD's used as QCD's. But Qual Plans cannot. Is there any way around this? QCDs are a no brainer for those who give to charity anyway, because QCDs reduce AGI. Normal charitable contributions go on schedule A, which almost no one files anymore. They get no charitable deduction. Small business owners who continue to maintain their qual plans have to take RMD's but cannot use the QCD advantage. Is there any way around that?

Thank you both, my brain went AWOL.

Hi. For 2021, What is the Max PS contribution in these circumstances. 1 person plan, S Corp, age 38, maxed out 401(k) deferrals of $19,500, W2 of $25,500. I thought 20% X $25,500 = $5,100. This Contribution Calculator at https://www.calcxml.com/calculators/qua12 says max PS is $4740. (If anyone tries out the online calculator, select self-employed, not Corporation, to get the S Corp quote)

Corrected missing column EXCESS MORTALITY 2022 BY AGE CATEGORIES.xlsx

I found this website with excess death stats for most big countries. I extracted some US 2021 data. There's no cause f death available. Some might find tis interesting. EXCESS MORTALITY 2022 BY AGE CATEGORIES.xlsx

I said one America when I meant OneAmerica, I do a lot of work with that company. They have the best long term care product in the industry. I went to the ACLI website before posting and could find nothing on 2021 death statistics spiking. When I search google for other similar information about skyrocketing deaths in 2021, I can't find anything other than the OneAmerica CEO’s statement. I'm trying to find some confirmation of this statistic being industry wide, but so far have not found that.

The CEO of one America Life insurance company said in 2021 deaths were up 40%. The most in history he said. It was surprising because I had heard death claims were up 1.5%. he said all life insurance companies experience the same increase. Does anyone have information that refutes or supports this 2021 statistic? Thank you all.

Thanks for your input bird.

Thanks Patricia, I have noticed that on other Plans, but have always obtained separate EIN's for The Plan. I've never understood how they resolve Plan Investment tax reporting (interest, Dividends, etc.) to the Sponsor's EIN being a taxable entity. How does the Sponsor tell the IRS this income is not really taxable?

Thank you. That's what I thought, but I promised the employer I would look into it further, in case there was something in the PPP rules that somehow made a difference. Thanks again for the follow-up.

A client asks: Employer used PPP money to pay Christmas bonuses in 2020. If the plan has no exclusion of bonuses from covered compensation, can these PPP funded bonuses be excluded from covered compensation? Unless there are some regs that I haven't located, I can't see how these bonuses could be excluded.

I see. The one I need is an EZ

Thank you, can this be used to get someone else's plan tax id, or only my own? A CPA and I are disagreeing on the original tax id of a Plan. I thought this might be a way to verify.

Can a Plan's Tax ID be found on the internet? The 5500's only show the employer's. Are Plan Tax ID's kept private?

Thank you so much, Bill, for putting me on the right track.

OK. also, the Plan Name was changed, what should we put in Section 1?

Co. B bought Co. A in an Asset Purchase. I checked and it is permissible for Co. B to assume the existing 401k of Co. A. Effective 6/1/20, the Plan Sponsor was changed from Co. A to Co. B. Many employees who worked for Co. A immediately became Co. B employees. I'm thinking: Co. A. files a 5500 for the period 1/1/20 until the sale date which simultaneously made A's employees B's employees. That 5500 would end with $0 assets. And it would be marked "final." Co. B would file a 5500 for the period beginning on the purchase date thru 12/31/2020. Am I on the right track? Or the wrong track? Thanks

First, a shout out for Denise Appleby for returning my phone call and Peter Gulia for recommending that I call her. When she called me back she brought me up to speed on this topic and it sounds like some of the people posting here are on the same page. Bottom line is: in these circumstances the deceased's IRA proceeds can go through the estate and into their surviving spouses rollover IRA without adverse tax ramifications. This causes some tricky paperwork for the tax preparer of the estate’s income tax return, since the estate is going to receive a 1099R coded that the distribution is taxable. As some of you have mentioned, it's cleaner if you can get the deceased’s IRA custodian to transfer directly to the surviving spouse’s IRA. Denise goes on to say that more and more IRA custodians are agreeable to the direct transfer as the understanding of this process becomes more mainstream. Thanks all, I think we wrested this one to the ground.

Thanks so much, Luke. It's my understanding that PLR’s do not apply to other taxpayers, am I correct on that? Also, if the PLR is the IRS position for these specific circumstances, do they not include it in subsequent guidance like Publication 590-B? I cannot find this addressed anywhere on the IRS websites.