SSRRS

Metsfan026 posted this in the 401K Plan Section in regard to contributions being extended beyond September 15th: I just want to make sure I'm reading all of this correctly. Under the Hurricane Ida Relief it says: The IRS also gives affected taxpayers until January 3, 2022 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2018-58, 2018-50 IRB 990 (Dec. 10, 2018), that are due to be performed on or after September 1, 2021, and before January 3, 2022, are postponed through January 3, 2022. As part of Treas. Reg. § 301.7508A-1(c)(1) it says: (c) Acts for which a period may be disregarded—(1) Acts performed by taxpayers. Paragraph (b) of this section applies to the following acts performed by affected taxpayers (as defined in paragraph (d)(1) of this section)— (iii) Making contributions to a qualified retirement plan (within the meaning of section 4974(c)) under section 219(f)(3), 404(a)(6), 404(h)(1)(B), or 404(m)(2); making distributions under section 408(d)(4); recharacterizing contributions under section 408A(d)(6); or making a rollover under section 402(c), 403(a)(4), 403(b)(8), or 408(d)(3); Paragraph (b) discusses the delayed deadline. So does this mean contributions due by 9/15 are delayed to January 3? Thanks in advance everyone!

Metsfan026 posted this on the 401K Section in regard to contributions being extended beyond September 15th. I just want to make sure I'm reading all of this correctly. Under the Hurricane Ida Relief it says: The IRS also gives affected taxpayers until January 3, 2022 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2018-58, 2018-50 IRB 990 (Dec. 10, 2018), that are due to be performed on or after September 1, 2021, and before January 3, 2022, are postponed through January 3, 2022. As part of Treas. Reg. § 301.7508A-1(c)(1) it says: (c) Acts for which a period may be disregarded—(1) Acts performed by taxpayers. Paragraph (b) of this section applies to the following acts performed by affected taxpayers (as defined in paragraph (d)(1) of this section)— (iii) Making contributions to a qualified retirement plan (within the meaning of section 4974(c)) under section 219(f)(3), 404(a)(6), 404(h)(1)(B), or 404(m)(2); making distributions under section 408(d)(4); recharacterizing contributions under section 408A(d)(6); or making a rollover under section 402(c), 403(a)(4), 403(b)(8), or 408(d)(3); Paragraph (b) discusses the delayed deadline. So does this mean contributions due by 9/15 are delayed to January 3? Thanks in advance everyone! Quote

Thank you. However, this is a Profit Sharing Plan, and the only options offered are Lump Sums or partial lump sums.

C.B. thank you so much!

Thank you very much BG5150, CUSEFAN, and C.B. Zeller. In this case, the administrator (owner and wife) took the RMDs, and therefore, an election form should not be required based on the above. What if an agent (audit) is asking for executed distribution election forms for these RMDs?

Hi, The owner (active) of a corp took his RMD from his Profit Sharing Plan (his prior year end assets divided by age factor). Since this is an RMD, and he is not electing a benefit etc, is an executed distribution election form not required? Thank you.

Thank you.

Can the run the valuation for this first year, using just the current year's salary, since this is the only salary earned at this point (as company only in.existence one year so far)?

Hi Owner only plan. The first year of plan is also the first year of the company. Therefore, there is at this point, only one year of salary. If the plan's benefits are based on a salary average of the three highest consecutive years of salary, how is the average determined for this first year? Thank you

That is part of what was throwing me off.

Thank you. So it appears that he can not use the full 1099 amount, rather the net schedule C income. Correct?

Hi, I hope all ae well and healthy. A doctor owns a PC, with no other employees. He received a 1099 from the PC for quite a few years. Can this 1099 income be used as compensation for his DB Plan? Thank you.

Thank you, so indeed August 2nd was the last day the 5500 or the 5558 could be filed for calendar year filers.

Thanks! Thank you very much.

Thank you very much. No distributions were made, so the distribution restriction is not an issue in this case. The SB's will have to be done and we will see if there are funding issues. Thank you!

A DB plan was not administered for a few years. They came to us to bring them up to date (valuations , filings etc.). There were no AFTAPS since 2017. Do we take the AFTAP percentage that was prepared for 2017 and subtract 10% for each year until we reach the current year? Thank you.

Is the Schedule A for an EZ not filed, however, must be prepared (similar to the Schedule B that must be prepared, however, not filed)?

Thank you.

Thank you. If the plan is a one participant owner only plan (and spouse) -should an EZ be filed and just leave off the Schedule A, since one participant owner only plans can't file an SF anymore? Thank you very much!

Hi, Is a Schedule A required to be filed with a 5500EZ? Thank you

I have seen volume submitter interviews (to create the document) that in the exclusion section have a box labeled "other" and they ask you to fill in the other--ie in this case "Any employee who is an HCE". This seems to indicate that the VS Document allows you to enter additional exclusions? Thank you.

Thank you very much Lou S. and BG5150.

Hi, A participant in a 401k Plan terminated years ago. He received currently a letter from the Social Security administration that informs him that he was a participant in the plan and that if he was never paid out, he is then entitled to his account value. The letter towards the bottom shows a grid that shows that the last reported year was 2007 and his account value was $49,251. Question: How would they know his account value? Usually the W2 shows only the deferral made for the year. Thank you!

Thank you, D.J. Simonetti, pmacduff, and BG5150. Yes, I surely agree, amidst the daily focus to get things done etc, we all could use some good humor to air us out.