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Found 3 results

  1. I have a potential client what's to start a 401k plan. He is open to giving the employees the Safe Harbor 3% (discretionary) but is not sure he will be able to/want do it each year. He plans to only give SH 3% when he decides to participate since the plan will be Top-Heavy. The company is a partnership so I suggested he not contribute anything (including 401k) until after year end when he knows the income of the partnership. The obvious issue is he needs to decide if he will participate, thereby electing safe harbor for the year on Dec. 1, but really won't know his final income until March or so. He was adamant that he really wont be able to decide until after year end. Is it possible to have a plan year from 5/1/18 - 4/30/19 (giving him until 4/1/19 to elect safe harbor), with a limitation year of 1/1/18 - 12/31/18. This way the employees will still be based on W-2 and not some 2018 wages and some 2019 wages. I'm also not sure how deductions would work. Would he have to Pro-rate his deduction 5/12 and 7/12? Are there other solutions that I'm not thinking of?
  2. 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 -
  3. Can a participant in a fiscal year 401k plan have deferrals within a fiscal year that exceed the 402g limit? Plan Year: 7/1/2014 - 6/30/2015 Plan permits special election for bonus pay Participant is age 50+ Compensation exceeds $100k + bonus Deferrals 7/1-12/31/2014 $6,000 Proposed Deferrals + Catch-Up to be deposited 1/1-6/30/2015 PYE $24,000 Can a participant have permitted deferrals + catch-up totaling $30,000 for the Plan Year 7/1/2014 - 6/30/2015 given the above fact pattern? Assuming, yes, it is understood this participant would NOT be able to defer any further for the remainder of calendar 2015.Would restart Deferrals in 2016... Thank you
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