Bill Presson

Is the owner the final one with the balance? If not, no EZ.

Correct.

Looks to me like they gave you the reason and I would presume her beneficiary gets the benefits.

The deductible limit is 25% of pay. But the 415 limit is 100% of pay. Is the participant 50 or older?

I got a couple requests but told the auditors I was really busy and maybe @jeanh could do a few. 😇😂

Ms Jenny, my only free advice is to arrange to sell the property to an unrelated individual as soon as possible. You’re 78 and your long term investing days are over.

If you were amending anything OTHER than the EIN or Plan number, it probably wouldn’t be an issue. But those things can cause issues because if you filed a return without the proper identification, did you really file timely? It’s going to take additional correspondence and work to fix but should be resolved. Just not quickly.

I would recommend everyone lawyer up and walk away like a dealer at a blackjack table.

I said “would have” and meant “should have.” It’s a shame they didn’t fix it.

Peter, but the issue isn't that the money went missing. The issue is the check never got cashed. The RK shouldn't have accounted for an uncashed check for 5 years. They would have cleaned it up and forced it to an IRA long ago.

No. Deposit now and deduct in the next year.

I think the RK should have done something about an uncashed check before 5 years. WTH? They should send it to one of the force out IRA places and waive any of their fees since they got the float for 5 years.

The ones I've seen (and it's not a ton) create funds (like a mutual fund) where Acme will pony up a large percentage, but several other people/entities will also contribute to the fund to make the purchase. That fund may own only one business or may own more than one. So, if they own more than one business in a single fund, THAT fund will likely be a controlled group. But probably not across multiple investment funds. I would still have an ERISA attorney earn her pay in deciphering. (This last sentence is advice to everyone.)

I don’t work in this area but doesn’t the rabbi trust protect the assets from use by the employer for any purpose other than paying benefits? If so, wouldn’t transferring the assets to an employer account risk diversion? If I’m accurate on that, I would definitely recommend avoiding moving the money to an employer account.

Solo 401(k) is a marketing term and not a real thing. Probably the only difference is that some mutual fund/brokerage providers will create a “solo” document that severely restricts the operation of the plan. They also aren’t always good at ensuring the plan document satisfies all the amendment and restatement rules. Whatever it’s called, you have to follow the eligibility, discrimination, and filing rules. Also, you have to follow the long term part time rules. I highly recommend you find a TPA to handle the compliance. It will cost you less to have it done right than it will to have someone fix it later.

Belgarath is right - can still do PS, but deferral time ended 4-15.

My goodness (language bleached for family site), I hate those trailing dividends and incredibly late legal settlements.

Your best bet would be to ask your document software provider.

Can you fix your dates and ask again?

The list of characteristic codes that I look at says: "3H Plan sponsor(s) is (are) a member(s) of a controlled group under Code section 414(b) or (c) or of an affiliated service group under section 414(m)."

Don’t you have to test this match formula for effective availability when you have a match that increases as the deferral amount goes up?

Penchecks Trust

I assume this is the letter for the PPA document and it’s possible they missed the C3 restatement.

Here’s an IRS site that says SEP money doesn’t count for filing 5500EZ. https://www.irs.gov/retirement-plans/financial-advisors-are-assets-in-your-clients-one-participant-plans-more-than-250000

Kenneth is correct. The SEP assets are in an IRA and dont count as qualified plan assets. Just don’t put any more money in the SEP either.