Guest LWilson Posted July 22, 2002 Posted July 22, 2002 Just wanted to make sure I am reporting this correctly . . . Schedule I: Excess deferrals are recorded as part of the "Contributions received or receivable" for the year in which they were deposited. When the refunds are made in, say, 2002, we show the "corrective distributions" coming out then? Vs. netting everything in 2001.
Blinky the 3-eyed Fish Posted July 22, 2002 Posted July 22, 2002 Some will argue that you accrue the liability and net out everything in the same year, but I am not one of them. I agree with your approach. "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs."
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