metsfan026 Posted January 6, 2023 Posted January 6, 2023 Good morning! We have a Cash Balance Plan that has the owner and 2 employees being covered. The issue is, for 2022 the owner ultimately didn't take a salary due to business being terrible for the year. Would a contribution still be owed, even though there was no salary drawn? I believe I know the answer, I just want to be sure. Thanks in advance!
Popular Post C. B. Zeller Posted January 6, 2023 Popular Post Posted January 6, 2023 The minimum funding standard of sec. 430 applies regardless of the owner's salary. Whether a minimum required contribution exists for a given year for a given plan is a question for the plan's actuary. CuseFan, Belgarath, Luke Bailey and 4 others 7 Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
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