doombuggy Posted June 3, 2009 Posted June 3, 2009 Someone settle a "dispute" over Sch. D. We have a client that has their investments with BenefitStreet (now NextStep), and I have been trying to get an acurate balance by fund list so that I can process a schedule D. A co-worker is arguing with me that no D is needed. When i called to ask if NextStep files as a DFE, the girl didn't know what I was talking about.....she said they don't sell insurance products.... Do you guys think I should be completing a Schedule D or not? i wish I could say that a steak dinner was riding on this, but I cannot.....Thanks for your help. QKA, QPA, ERPA
BG5150 Posted June 4, 2009 Posted June 4, 2009 Quick question, first: were there less than 25 participants in the plan on day 1 of the year? QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
doombuggy Posted June 9, 2009 Author Posted June 9, 2009 Quick question, first: were there less than 25 participants in the plan on day 1 of the year? yes, they are under 25 ees. the carrier got back to me with a more definitive answer as "I checked with our TPA again and she stated that DFE stands for Direct Filing Entity and that we are not. " So no D. I agree with you 100% about no stupid questions, only stupid people! I actually have a mug here in my office that says I see dumb people..... Today I am tired of client who can't understand the cross-tested calculation we sent because apparently I can't read their mind! I swear I didn't have people like this when I worked in Philladelphia...thanks for your help tho! QKA, QPA, ERPA
BG5150 Posted June 9, 2009 Posted June 9, 2009 If a plan has less than 25 people at the beginning of the year, a plan can optionally file an abbreviated return which includes: Full 5500, abbreviated Sched. A, full SSA, full Sched I and maybe a Sched R. (note the absence altogether of Sched D) This is addressed on p. 8 or 9 in the 5500 instructions. On another note, if the funds are in a Pooled Separate Account (and if a Sched D is needed), then those funds need to be on the D with code "P". Having insurance products in the plan is irrelevant for the D. QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
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