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Pat Crum

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  1. In completing Schedule R, are participants who have taken a distribution of their total invested account balance reported if they still have a receivable at the end of the year? That is, if the participant's account balance is only a receivable are they considered fully paid out?
  2. Plan language addresses participants naming non-spouse beneficiaries (consent required), but it's silent on beneficiaries who leave assets in the plan naming beneficiaries.
  3. A non-spouse beneficiary has elected to leave her inherited funds in the 401(k) plan. The plan does not allow annuities. She is married but does not wish to name her spouse as sole beneficiary of her assets in the plan. Is spousal consent required?
  4. The client is a small medical practice. It's an LLC taxed as a partnership. The partners have entered into an arrangement with a large medical group which is also an LLC taxed as a partnership. For 2018 each partner received guaranteed payments from the large medical group. The guaranteed payments equal the amount of self-employment earnings in box 14 of the large group K-1s. Can those earnings be treated as part of each partner's compensation for the small medical practice's money purchase plan? (The large plan has it's own plan that the small practice will be affiliated with in 2020.)
  5. A plan is adding Roth deferrals as an option mid-year. Should each participant be required to complete an updated deferral agreement?
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