BG5150

Or plain ol' 5500 + attachments if the assets are not in 100% qualifying vehicles.

SF

And dang it! You started talking about a lot of e-mails. I usually don't get many. Maybe a dozen or two in a day. But between 3:05 and 3:15 PM today, I received 19 e-mails! 17 of them directly work-related. You jinxed me!

Rules, rules, rules. Create rules. Have the rules delete the crap that comes every day that you don't use. I delete everything with "NIPA" in the title. Shuffle all the crap into folders. I send all my [insert R/K name here] daily (even on weekends!) emails to a folder and delete them all every so often. I get an e-mail for every voicemail with an audio file of the message. I use a rule to send all those to a file. Anything to get the less imperative items off my main screen.

Do you use the Clean Up folder utility? (If you are using Outlook)

I'm not sure if it is an error or a warning if you try to file a final 5500 with assets still in the plan...

Might not be the most cost-effective to you, but I got two of my former positions via a recruiter.

I'd be concerned why a 1099-R was not issued. Are you sure it wasn't merely defaulted and not deemed? The term 'deemed distribution' implies the participant received proceeds and should be taxed on them.

Did you ask the document provider?

Candlesticks always makes a nice gift.

When was it deemed? 2020 or 2021?

The DOL made the change, so the preparation software is giving warnings whenever an SF filing is created with only 1 or 2 participants. They seem to only be warnings. I've filed several forms successfully so far.

That is correct.

Relius does the same thing.

Fair point.

I would be careful about that. Do you also explain to them they can also roll over the funds to an IRA or another qualified plan? They may take your explanation to fill out the form now as advice to take the lump sum distribution. Could that make you an unwitting fiduciary?

Unless those senior managers are owners, or relatives of an owner, then they are not HCE year 1. Is there even a coverage test even needed?

I am getting conflicting advice on my end. Does the default 10% withholding apply to RMDs (unless they opt otherwise on W-4P)? An entry on Investopedia says this: However, that [1] points to the early withdrawal tax, not withholding. Does anyone have a specific site as to whether the default 10% withholding applies to RMDs? I always thought it did.

I meant, can you have someone eligible for the plan, but not get safe harbor b/c they are otherwise excludable.

Can you OEX someone out of Safe Harbor?

It is NOT retroactive. Only prospective. They need to correct the error for '20 and thus far into '21. Then then can amend the plan to have 21/1 eligibility requirements and as long as the employee did not satisfy both conditions yet, he/she is out of the plan until they do. I don't think anyone said it would be retroactive...

After the correction, they can amend the plan to have 1 YOS and the employee would be out (unless they work(ed) 1,000 hours in a year along the way). Participation is not a protected benefit.

We've never dated ours and never had a problem.

I figured this was an S Corp because husband is also direct owner. To me that implies partnership taxed as a corp.

She doesn't take W2 at all, or just on the commissions? Isn't there something requiring owners to take "reasonable" W2 compensation in order to calculate some taxes?