Bill Presson

I would contact your employer’s HR team.

“Missed depositing” meaning it was withheld but not deposited? That’s not a missed deferral opportunity. That’s a fiduciary failure requiring corrected earnings. It would also seem by the amount you give, that the person has already deferred the maximum for 2024. How are they going to continue to defer?

When was the document signed? If before 12/29/22, it meets the exception.

12/31/23 filing deadline is the same as always. Hope you extended. Final 5500 deadline is 7 months after the end of the month in which all assets were distributed (plus extensions).

You can’t merge a 401k into a 403b. But I think that’s the least of the issues. seems like the guy is wanting to use a not for profit entity to pay the wages of the people that actually work for his for-profit business. I would have to imagine there are legal issues with that and I would avoid it. If you can insulate yourself by having his CPA and an ERISA atty drive the decisions, then you should be good.

I don’t know why you would do anything else. Also, was any of it severance pay that they only received because of the termination?

Don't file an amended return for 2022. Just attach the audit report for the 7/1/2022 - 12/31/2023 period to the 2023 filing.

Search for a specialized IRA trustee to hold them.

I got my QPA way back in 1991. I did go back and get my QKA (I think there was an extra exam needed for it at the time).

The actual definition will be in the basic plan document.

From the QPA credential guide: To obtain the QPA™ credential individuals must: Have earned the QKC credential Pass the QPA™ exam Agree to abide by the ARA Code of Professional Conduct Apply for the credential

It all depends on what the QDRO says.

Surrender the excess insurance.

Also, what if the owner did an inservice distribution the year before the termination and filing? You probably wouldn’t think twice about it. Just make sure you have documentation of the bankruptcy and $0 assets. Might be worth completing distribution forms rolling the $0 to an IRA just in case anything shows up in a year or two.

Participants may have the ability to make trades in accounts but they aren’t the “owner” of the account, the trustees are. The trustees have the ability to liquidate whatever account they want. If they haven’t done so, it’s on them.

Are you saying that (in your example), the QACA contribution for 2025 has a 2 year vesting schedule and the QACA contribution for 2026 has a separate 2 year vesting schedule? Because if you are, that’s wrong and vesting like that hasn’t been allowed since the 80’s.

I agree with every word of this except “sorry.”

1. You need an atty not us. 2. I’m not an expert but I’m pretty sure a QDRO isn’t required to be used to split an IRA.

Assuming it’s a PS source failure, usually it’s an -11g amendment OR the plan document has specific methods the plan has to follow.

I’m never surprised if a DRO is kicked back once. I’m always surprised if the drafting party causes one to get kicked back twice.

Of course and I don't have any issue with it. Just pointing out that FTW aren't sitting around for a month before going to the Treasury Dept.

😂

Not to defend Nationwide or your credit union, but federal taxes withheld have to be deposited pretty rapidly. Roughly speaking, if an entity had more than $50,000 withheld in 2022, they are a semiweekly depositor in 2024. Pretty sure Nationwide would hit that standard. So they're depositing all withholdings with the IRS twice a week.

Agree with Cuse. This might be helpful. https://www.napa-net.org/news-info/daily-news/case-week-qualified-separate-line-business

I would still recommend meeting the tax deduction rules for the IRS.