Deduction versus minimum funding deadline and Sch SB

[Jakyasar]

Hi

Sponsor is an S-corp.

2019 MRC is 150k and they deducted 200k, all fine, however (

As far I know, S-corp extended filing deadline is 9/15/2020 (not extended by any Acts/laws) but they made the deposit today. They lose the deduction for 2019, correct? Deposit was done by wire transfer so 9/18 date is firm.

As for the extended deadline to meet the MRC.

For 2019 plan year, assuming that they missed the deduction deadline, what should I use for 2019 sch SB+5000? All 200k or 150k plus a few days of interest adjustment, say 1k for total of 151k?

I must be missing something here.

Thank your thoughts/comments

[AndyH]

If they missed the deduction deadline, the deduction is $0, not $200k.   For the SB, you can put $150k or $200k; but at least the amount to avoid a funding deficiency.    Hassle either way for 2020.

[Mike Preston]

Disaster relief?

[Jakyasar]

Good morning Mike

The plan sponsor is not in a disaster relief area (they are in Northeast corridor).

Is there another disaster relief that I am not aware of?

Thank you

[Jakyasar]

Good morning Andy

Thank you for your input, what a hassle it is.