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Showing results for tags 'Minimum funding deadline'.
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I have a case where the contribution to satisfy MRC in a pension plan was deposited in error to the clients profit sharing plan. We can't seem to agree on how to correct it. EPRSC doesn't seem to cover it. The MF deadline has passed (9-13-19) and the deposit was made timely but to the wrong plan. It seems the deposit to the PSP should be transferred directly to the pension plan and recorded as the MFC, but we don't see any guidance to support this approach. Alternatively to return the contribution to the corp then pay it over to the DB but then would it be considered late. If anyone has dealt with the problem, what is the proper correction?
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I have an self-employed client for a defined benefit plan. The contributions he made so far satisfies the minimum required contribution for 2013. But he wants to put more contributions after 9/15 but before 10/15. His personal income tax is on extension (10/15). Can he make more contributions after 9/15/14 for the plan year 2013? Are those contributions deductible? In the SB instruction, I can only report any contribution made within 8.5 months after the end of the plan year. If those contributions are deductible, does it mean I don't list them in the SB but I report them in Form 5500EZ? Any ideas? Thanks!
