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Found 4 results

  1. Current plan document allows for in-service distribution for participants who are over 59.5 and employed for 5 years. The withdrawal is restricted to once a year. The client wants to amend the plan to allow multiple (periodic) payments of in-service distribution for participants who are over 70.5 and leave the restriction for once a year for participant who is 59.5. is this allowed?
  2. We have a client that needs to take an in-service distribution from his profit sharing plan, which does allow for in-service distributions. Since the client is under 59 ½, obviously the pre-mature distriibtion 10% applies; as well the 20% withholding? The client was told by her accountant that as long as the funds were repaid within 60 days, this would not be a taxable event. I do not think he is correct.
  3. A sole-proprietor write various checks from the profit sharing plan to various companies throughout the year for personal expenses. The sole-proprietor indicates it is an in-service distribution. Form 1099-R was filed and distribution was included in income on the Form 1040. Is this correct? Or would it be a prohibited transaction since the sole-proprietor is a disqualified person? Would this be considered an in-direct loan to the disqualified person? Thank you.
  4. I own and am the only employee (W2 pay) of a C Corp which administers a solo 401k of which I particape and which allows in-service withdrawals. I will be turning 59 1/2 soon and would like to know my options and the forms I will need to file particular to the option(s) I act on. I'm thinking of continuing to work for my company, but possible take a distribution from the 401k. Can I move part of my 401k to my Traditional IRA while still working for the company? If so, what forms would I need to file and what would go on the W2 and where?
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