DPSRich

Thank you. Just what I thought.

Great answer. Thank You.

Yes an IRA account. Thank you.

Thank you, will check tomorrow if rolled over to an IRA account, let you know then. Richie

Thank you Bill. Accountant did the 1099R's for all other Participant's. The other 6 could not be located and the sponsor sent the money to a company to hold it, so the Plan could be closed down totally. Enjoy the rest of your weekend. Richie

Sorry Bill, what I mean is the owners will no longer defer into the Plan, for however long the Plan will contine. Thank you. Richie

Client has a 401 (k) Plan with 3% Safe Harbor. Owners are not going to contribute to 401 (k) in 2025, till the Plan Terminates. Both Highly Compensated and Non Highly Compensated will continue to defer. Is an amendment required? Material Modification? Have a good weekend. Thank you. DPSRICH

Have a 45 Participant Plan terminated effective March 2024. 6 of the Participants could not be located. Plan Sponsor sent the funds to Inspira, formerly Millenium Trust. Accountant says that each of the 6 Participants mus receive a 1099-R, even though technically they have not received the money. I agree that the money is out of the Plan, BUT is Inspira responsible for the 1099-R when the money is paid to the Participants. Any help[ is greatly appreciated. DPSRich.

CONGRATULATIONS, Thank You So VERY MUCH! Wishing you ANOTHER 25 YEARS! DPS RICH

Thank you gentlemen.

I have been asked to terminate an integrated Profit Sharing Plan with a 7/1-6/30 Plan Year. The Plan has been in effect since 1986. The accountant has been completing the administrative work from the inception until the 6/30/23 year end. I have been retain ed for the 6/30/24 PYE and the final year with a termination date of 8/31/24. Many issues, like name on the 5500 Form not matching the Plan Document. The accountant has been filing Form 5500 and Schedule I since 2009, when the 5500-SF was introduced. I was going to file the SF for the 6/30/24 and short Plan Year, BUT the last post by Belgrath raised a question about filing a wrong form. Paul I answered that the IRS could invoke penalties for filing the wrong form. My question is; should I continue filing the 5500 and Schedule I, knowing it is the incorrect form or switch to the SF and perhaps "raise RED FLAGS" for all the previous years? All help will be GREATLY APPRECIATED! Have a SAFE 4th. DPSRich

Profit Sharing Plan is terminating. Does the 10% penalty apply to any Participant under the age of 55? Thank you for your help.

My gut feeling is that Congress feels that Social Security may not be available to the teenagers and that is their attempt to make them save money for retirement. A little underhanded.

Does anyone know when the Cost of Living Adjustments will be officially announced? I have seen many projections but nothing from the IRS. Thank you.

Thank you very much Paul. Extremely helpful. Have a good weekend. Dpsrich