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Found 7 results

  1. We have an outside asset company process distributions and prepare 1099-Rs. A lump sum distribution was processed in 2019. Federal withholding submitted. 1099-R generated. February 2020 - Per the participant, a stop payment was placed on the check and the funds were returned to the original plan. Withholding was not returned. Should we be correcting the 1099-R? What should be done with the withholding. It's a large asset provider, so I'm not sure that they will correct to return it. Thank you!
  2. If a plan purchases an annuity for a participant to remove them from the plan, does the plan still have to issue a 1099-R? Would it show the annuity purchase amount and that it was not taxable? I know the annuity company will issue a 1099-R for the payments the participant receives, but what about on the plan's side?
  3. We have a municipal pension plan that requires employees to make mandatory pre-tax contributions to the Plan. If a participant terminates prior to vesting, the mandatory contributions are paid out in the year of separation. I was told the "prior person" said the code on the 1099-R should always be 7 (normal) or 2 (exception), but no explanation was given. In reading the Form 1099-R instructions Code 2 does not seem to apply to this distribution, although intuitively it seems to, i.e. participant was automatically enrolled (mandatory contribution) and is now forced to take the withdrawal. However the section of the Code, 414(w)(1)(B), seems to only address section 401(k) Plan(s) with automatic enrollment. Thoughts?
  4. Quick question: When filing the Form 5500 for a plan AND when paying taxes for the plan; are both instances paid under the company's EIN # or the Plan's EIN #? TIA! :)
  5. Is there anything in the way a 1099-R for an RMD is completed that would clue the IRS and/or the participant that the distribution was in fact an RMD, and thus not eligible for rollover? Any help appreciated.
  6. What is used to determine the tax year for reporting a distribution - is it the distribution check date or the settlement date for the request? Trying to confirm what is correct for end of year distribution requests. For example, if a distribution is requested (on plan website) on December 30, 2013and the trades settle on December 31, 2013 and the check is issued and dated January 2, 2014, should the 1099-R be a 2013 form, or a 2014 form? What is the key date - settlement or check? I know that constructive receipt is noted in ERISA Online, but references do not specifcally note for tax reporting purposes(for 1099-R reporting).
  7. A pension plan pays the benefit due each month on the last day of the month. When a retiree dies, his last check is issued instead to his beneficiary. Plan benefits include after-tax contributions. Is the retiree or the beneficiary taxed? How should the plan handle 1099-R reporting and withholding? Thank you.
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