Egold

Thank You

I have an overfunded DB plan. Distributions will be made in October. Two Participants are over 73 and are required to take RMD. If all participants choose a lump sum distribution, are the excess assets allocated to the PVAB minus the value of the RMD, or are the excess assets allocated to each participant's PVAB? In the second case, the over 73 participants would receive a larger share of excess assets.

Are plans allowed to pay annual service fees? Are plans allowed to pay plan termination fees? Are there any fees that the plan is not allowed to pay?

Sorry, I made a mistake. I meant over 73

A plan is terminating in 2025. If a participant is over 65, do they have a Required Minimum Distribution (RMD)? What if funds are rolled over into a 401 (k) plan?

2025

If participant terminated in 2024, but did not receive distribution until 2025 (beginning of year) Do you file a 1099r for 2024 or 2025?

How do you handle RMD in a defined benefit plan?

I am having the same problem. Did anyone help you resovle the problem

Participant terminated employment in 2022. Employer did not make the 2022 contribution until 9/2023 (terminated participant did not receive her contribution) I revised the 2022 valuation to include terminated participants share of the 2022 contribution, plus share of 2023 earnings. It is now 2024, participant wants a cash distribution. I understand that 20% must be withheld from distribution. Do I use 2023 945 to forward taxes to IRS or wait for the 2024 forms. Is it too late to do 2023 1099R? Or is there another way to handle this situation. Thank you for your help

Participant under 591/2 wants her $6500 cash from a profit sharing plan. How much must be withheld by the plan administrator (is it still 20%) Is the withheld amount sent to the IRS with form 945?

Does anyone have a form for the beneficiary. He must select form of payment from a DB plan,

Thank you for your help

I was preparing the termination package for the terminated participant. She died before I sent her the papers. The plan allows a lump sum distribution. Who receives the 1099R. The participant or the spouse?

Yes. The husband is 100% beneficiary. 2023 was the first year deceased part. would receive RMD

My problem is the participant died prior to taking the 2023 RMD. Does the deceased participant receive a 1099R showing the taxable RMD for 2023. or does the husband receive the PVAB and then he would be responsible to report 2023 RMD?

A terminated 75 year old employee died prior to completing distribution forms. It was her intention to take a lump sum distribution after paying her RMD. Since there are no papers to support this distribution, what should be done? There is a living spouse. The lump sum = $140,000 2023 RMD 18,000 Does her 2023 1099R show 158,000 with !8,000 taxable. Or does the husband have a say regarding the distribution. Any advice would be gratefully accepted

Is it necessary to include extension form with 1120? 1120 not filed electronically

Thank You

Thank you for your response. Participant is the plan's owner. He was receiving RMD for many years. His wife is the beneficiary. If she writes the check from the plan to herself, who reports the tax? The dead spouse or the wife?

Participant died in 2023. He did not receive his 2023 RMD. Who would receive the RMD.? Who pays the tax and receives the 1099?

The owner of the LLC sold his practice May, 2022, (plans were terminated, all participants paid, final 5500SF filed, The former owner is now receiving 1099 income from the new owners . Can the former owner start a new profit sharing plan in 2022 using his 1099 income for contribution.

Thank you so much

The interest rate is 6%