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

I have to file a late 5500-SF 2021. Due 7/31/2022. I know that the form must be filed electronically with the DFVCP box "X". How does the client remit the $750.00 penalty electronically? Any help will be greatly appreciated. Thanking everyone in advance DPSRich

A client took a covid related distribution in 2020. We elected to have it taxed in 2020, 2021 & 2022. In 2022 she repaid $20k (she had 3 years to repay all or part). The $20k is less than the 2022 deemed taxable portion. From what I have read, I have to act as if the original distribution was $20k less and basically spread the $20k over 3 years. Correct? Of course I would prefer to apply it all to 2022 for ease, but I think that is wrong. Thank You for the response. DPSRich

Thank you very much, I have read up on the forms.

Thank you very much and have a good weekend. Richie

Has anyone had any experience with New York State withholding on a minimal distribution. Participant receiving about $1,200. wants to withhold about $300. How does the client report this. Assuming on Form 945. How do they pay it? Client uses Paychex, they cannot give them any guidance. Any help would most appreciated. Thank you. Richie

Have an owner who just reached Age 72 on 6/14/22. Plan Year is 4/1/21- 3/31/22. Under Secure 2.0 he has to take his RMD by either 12/31/22 or 3/31/23 (if he takes 2 RMD's in 2023). Two questions: 1- Do I use the value of his Account Balance in the Plan at 12/31/21? Or use the valuationAccount Balance at 3/31/21 or 3/31/22? If I have to use 12/31/21, an interim valuation would be required. 2- I have read that the senate and house are working on a bill extending the RMD to 73 in 2023. Would that help him in any way? Thank you for your help. Richie

I am interested in remote DC only position. Please email me Rick_Davis22@aol.com

okay, thank you. The person I know is in Austin.

Where are you located? Is the position avaiable as a telecommute? I may know someone who is available. Richie

Thank you very much,