BG5150

Doing a 2016 TH test (balances a/o 12/31/15) We have someone who termed July 1, 2015 and took her balance in September 2015. She was 60% vested. She was paid $6,000 and forfeited $4,000. How much do I add back in to my TH test? Just the 6k or the full 10k?

I have a plan with 1 HCE and 2 NHCE. Last day rule for this PS only plan. One NHCE terms with 200 hrs of service. Can I exclude him from the ABT test for contributions? (I believe I can for coverage)

Does the CPA think this is some sort of ROBS situation?

Oddly enough I had the same issue this morning! The workaround: Tools --> Accessibility (I had to hit the little icon in the upper right to get additional menus. In accessibility, choose Measuring tool. Draw a line across the page and you can use the scroll wheel and the line will move up and down the page. I'm still trying to get the nuances of it.

if DOH = 12/21/15 you could theoretically keep him out until 6/21/17 (6 months after 1 YOS.), so I'd say he was otherwise excludable. (Even with 1 YOS and semi annual entry dates, he could be kept out until 1/1/17)

Just make the match and correct the deferrals going forward.

Over age 50? 41,000 for 2016. 42,000 for 2017. Under age 50? Subtract 6,000 from each. This, of course, only applies if: 1) testing passes 2) the amounts do not put ER over the deductible limit

For a partner or a "regular" employee?

So, if there was a fund change and all of Fund A was moved into Fund B and the amount moved was, say, 12% of plan assets, it needs to be reported?

I like that they tried to talk to him 415 times

forgot an example from the quote:

File this under things I learned today. A partiicpant can voluntarily assign benefits to a 3rd party. From our friends at the EOB:

You should press them for an answer so you can avoid this in the future without having to override the system.

Audited Financials are not shown immediately.

You can always send in a help ticket to whatever software vendor you have and ask them.

Right? I mean, who does this?

Take a look at their history. Do you have 1,000 hours coded for any years? Is there a report you can run that shows why they are excludable? Relius prints the reasons on one of the pages if you are using that r/k system.

I guess as long as it's not for a BRF failure:

I've seen anecdotes where if the excise tax on late deferrals is low (either gross amount is $100 and $15 tax or the tax amount is less than$100, I forget), then you can just add the excise tax to the earnings and not file a 5330. Is that true? Or is this just an urban legend?

Can't do this every year, though, right?

New one: Calendar year plan. 21/1 requirements. Entry dates 6/30 & 12/31. Allowable?

The W2 and contributions in the 401(k) plan should match. Therefore, the owner seems to be out the catch-up in the plan, because it was never withheld. However, now we have an operational defect in the failure to implement a participant election. See the latest and greatest version of EPCRS to proceed.

So, the IRS was paid its $3,000. Best resolution I see is that the record keeper sends the participant's IRA $3,000, amends the the two 1099's: one to say $8,000 code G and the other 0.00's all over and code 1. Revise the 1096 to reduce taxes withheld by 3,000. Then let the r/k deal with the IRS about the overpayment of the taxes and how to recoup their money.

Did the second 1099 say 3,000 taxable, 3,000 withheld? Was this done in 2016 or 2017?

It's on the FT William doc system. I got a call from them, and they said in their plan, a discretionary match is fully discretionary. Who gets it and the formula and when its calculated can be made up at any time. As long as all the applicable tests are satisfied, it doesn't matter. For example, I can say drivers get 50% match from their deferrals when pay dates occur on a Tuesday; warehouse people get no match; managers get 25% match up to 3% of pay; marketing gets nothing and finance people get 100% match on the last deferral of every quarter.