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Found 2 results

  1. Our client terminated their SIMPLE plan effective 12/31/17, and started a profit sharing plan on 1/1/18. They would like to make a contribution this week to the profit sharing plan for 2018, and they've already funded their 2017 SIMPLE. Their fiscal year is 3/1 through 2/28. Are they able to deduct both the 2017 SIMPLE contributions and the 2018 profit sharing contribution on their 3/1/17 - 2/28/18 tax filings? They are two distinct plan years, but would be deducted in the same tax year. Thanks for any insights -
  2. Can an estate directly transfer defined contribution retirement plan accounts to inherited IRAs benefiting the estate's beneficiaries in a manner similar to direct transfers from IRAs held by estates? In PLR 201208039 the IRS permitted an estate that was the sole named beneficiary of an IRA to make direct trustee to trustee transfers into separate inherited IRAs (one for each of the estate's beneficiaries). The transfers did not constitue taxable distributons and the beneficiaries were able to defer required minimum distributions over the remaining life expectancy of the decedent. It would be very helpful if similar direct IRA transfers were permitted for defined contribution retirement plans. However, it appears that estates are not permitted to transfer (rollover) retirement plan accounts under Tax Code Section 402©(11)(A) because estates do not qualify as individual designated beneficiaries under Tax Code Section 401(a)(9)(E).
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