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Found 5 results

  1. I am a S Corp owner planning to set up Defined Benefit plan. I do my own taxes. Any recommendations for a plan setup and administrator ? I found Charles Schwab to be expensive. Does TD Ameritrade offer full service like Schwab ? Any recommendations on Emparion?
  2. Self employed person with no employees has a 401k and a DB Plan. Sched C income minus 1/2 SE tax is $120k in 2017. Required minimum DB plan contribution is $200k for 2017. If the only retirement plan contribution he makes for 2017 is the $200k contribution to DB Plan, I understand he can deduct only $120k of it in 2017, and will have a carryover of $80k deduction, which he can deduct in future year(s) if he has sufficient compensation in future. Is he allowed to make elective deferral and catch up contributions to 401k plan in the amount of $24k for 2017? Is he allowed to deduction the $24k 401k contribution and $96k of the DB plan contribution in 2017, and carryover to future year(s) the undeducted $104k of the DB Plan contribution? Or is he just not allowed to make a 401k elective deferral and catch up contribution in 2017 because the DB Plan contribution used up all of his compensation? The question is: which plan contribution uses up compensation first, the 401k or the DB Plan? Is there a rule about this somewhere? Thanks.
  3. A client with a traditional DB plan is interested in filing a for a funding waiver. I have tried to explain some of the pitfalls, but they are still interested in pursuing the waiver. One of the biggest disadvantages (based on my own experience) is the IRS makes no promise on when they will respond to the application. This raises the question of how the plan should be funded while the waiver application is pending. Should we assume it will be approved and run the risk of missed contributions, later quarterlies and excise tax if the waiver is rejected? Or should they continue funding assuming the waiver won't be approved (in which case what is the point)? I am interested to hear both about any guidance as well as what people have seen/done in the past.
  4. Good morning, everyone - I am new to this group. I am the trustee of a small defined benefit plan and am seeking guidance on off-shoring parts of the plan's investments. I have looked into the issue and reviewed ERISA section 404(b). As the plan itself, "indicia of ownership" are based in the U.S., and the plan is written to allow investments "anywhere", I believe the plan can directly invest in a plan owned foreign based LLC. I know that some self-directed IRAs use local LLC + foreign LLC vs. only foreign LLC vs. only local LLC structures, but I'd need some clarification on this point. Any guidance would be much appreciated.
  5. I have a one-man DB plan whose plan sponsor, during 2011, inadvertently contributed $24,970 over the maximum deductible for 2011. Can this be considered an advance contribution for 2012? If so, would the 2011 date be put on the 2012 SB? Any help would be appreciated!
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