ombskid

Thanks!

Legal settlement agreement calls for (among many things) no company contribution to a (now) former employee and plan participant. Covers what would have been a short plan year for the former employee. The employee did make some 401(k) contributions, and would be eligible for safe harbor plus profit sharing company contributions. Simple question - can this be done?

Sole proprietors with an existing plan can make 2021 401(k) as well as profit sharing contributions up to their extended tax filing date in 2022. Sole proprietors can adopt a new 401(k) plan in 2022 for 2021 (up to extended tax filing date in 2022). Can they make both 401(k) and profit sharing contributions to the new plan in 2022?

50% owner of llc also works for wife as w2 employee. Contributes the max 401k and gets a 25% match Can he get the dc max in the llc's plan if his comp is high enough? He will not do any 401k in the llc.

Does owning a private home make them 10% or more partners (in capital or profits) or joint venturers? That's the only question.

Company owner and plan trustee wants to lend part of his asset in plan to a person who will co-own a private home for the 2 of them. Does the purchase make this person a 10% or more partner or joint venturer?

Thank you both

If the plan sends out the standard distribution request form, there is no option on the form to have it treated as a CRD. For most, doesn't that mean 20% up front withholding? Would they "treat it as such" when they file their taxes, and get back some or all when they file their taxes over the next 3 years?

Having trouble understanding Coronaviris Related Distributions in a currently terminating plan. Is it the sponsor's option to allow distributions as part of a termination to be CRD'S? If a notice of termination has been sent can the sponsor still opt to allow CRD's? Thanks in advance.

401(k) plan has SHNE plus profit sharing. General test. I year eligibility New entrant leaves after 3 months of participation. Profit sharing is 0% vested under 6 year vesting schedule. Does the profit sharing piece have to be vested to count in the general test?

Thanks. That's pretty much what I thought.

Similar situation but ps and cash balance plans. Put 4000 too much into ps plan during 2019. Can that be transferred to CB plan now as part of the cb 2019 contribution?

Of course it's an S Corp.I shudda checked that first. Thanks all.

5 docs have always gotten w2 income from the PC. This year they are also getting pass through income on a k-1. Is this passthrough income treated as earned income for profit sharing plan calculations?

Thanks for the valuable input