caryn22359

I have a money purchase plan (Old plan) which I contribute 8% of my salary. I Also have a SEP which I have been contributing 5% . I would like to raise the limits on the SEP , Is this allowed by law?

If a wrong box was checked is this a crime by the DOL>

I am still a little confused. If the trustee gives the money to the broker and the employer is making contribution s why would's 2R not be checked. Than-you

Would I check 2H because they make employer contributions each year. This is a defined contribution plan and yes this is a trustee directed plan.

The secretarty really makes all the decisions and the broker guides her. This is a 3 participant plan

I am preparing a 5500 form. This is a single employer plan. The assets go into a brokerage account . The broker usually makes the decisions on where the funds are going.When the market was soft the trustee put the assets in to a certificate of deposit with the bank. Question for line 8 Only the secretary/trustee and president is making this decision.There is one more employee participant who really has no say. Should box 2g be checked ( Total participant directed account plan be checked) or 2 h partial participant directed account plan be checked. Thanks

No unfortunately I must complete this year. Why would it be terrible if i put down the general assets of the sponser Katherine and not the trust.

Why would i get more letters stating that it is the general assets of the sponser?

I am preparin a 5500 for the first time. It was done by an accountant who has made mistakes on it and stirred up inquiry letters from the DOL. 1. This is a defined contribution protype plan,There was changed in the plan due to the tax law in 2003. Is there a place on the return that indicates a date for amendmants? 2. The plan has its assets in a brokerage house and a bank. It contains mutual funds and CD's. Page 2 line 9 a3 ( plan funding arrangement)indicates trust and line 9a could be checked as general assets of the sponseer . I am not sure which box to check . the same is true for line 9b plan benefit arrangement. In the past schedule I was not included. I believe it should be included. It is a small plan. 3.The plan has two trustees. Can 2 schedule p's be filed out. In the past only 1 form was filed. 4.I am filling out a ScheduleA . The pension plans pay an administration fee of 25 a year to a life insurance company. Does this need to be lised in part 1? It is not a commission. 5.. On schedule A the contract number was wrong in prior years. Should I correct it or leave it. Thanks for your help....