Chippy created a topic in 401(k) Plans
"A client wants to fund the employer profit sharing with the PPP loan that they received. It's a new comp plan with 1,000 hour last day rule. What would be the best way to calculate the amount they can put into the plan? Could it be deposited to the participants accounts or would they need a suspense account?"
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Ian created a topic in IRAs and Roth IRAs
"Does the CARES Act allow a 'qualified individual' to repay 2020 Roth IRA distributions within 3 years? The law says that only CRDs that are eligible for rollover under section 408(d)(3) can be repaid, and it doesn't look like that section covers Roth IRA rollovers."
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DPSRich created a topic in Distributions and Loans, Other than QDROs
"Owner age 83, has been taking RMD's since age 70-1/2. He wants to take a distribution in 2020 in the same amount as would be required if he took an RMD. Can he take as an RMD, OR must he take as a regular distribution and have the 20% mandatory withholding taken out?"
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Gilmore created a topic in Distributions and Loans, Other than QDROs
"I'm wondering if this is a possible upcoming issue with respect to loan defaults. Assume a plan is not allowing participants to suspend their loan payments. (I think the IRS Q&A said this was optional?) Loan program allows a grace period to the end of the quarter following the quarter in which the payment was missed. If I'm laid off in the second quarter due to the coronavirus, my loan would default 9/30/2020, and I could claim the defaulted amount as a CRD. If I'm laid off in the 3rd quarter due to the coronavirus, my loan would default on 12/31/2020, one day after the last CRD is allowed? I'm probably missing something here so fire away!"
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Tax Cowboy created a topic in Litigation and Claims
"Taxpayer received DOL inquiry and IDR for its ESOP and 401k plan right before COVID-19. As I began coordinating with service providers, the pandemic hit. Of the almost 100+ IDR requests, I had only received a handful. The investigator provided us with an extension until end of May. I note that DOL Notice 2020-01 doesn't provide any relief for enforcement actions at this time. I may not be looking in the correct government website or other forms of guidance for relief. Anyone know whether the DOL will allow enforcement actions to be suspended while businesses (including my taxpayer/client) are still dealing with the pandemic?"
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Derabian created a topic in 401(k) Plans
"I was just introduced to an investment management platform that allows me to link my 401k and other retirement accounts for easier management of contributions and asset allocations. I found it to be helpful because even though I hate to admit, I am sometimes unaware of exactly what's going on in my accounts. The set up was fairly easy as it uses the Plaid verification to instantly link accounts. After about 2 minutes I was up and running and had all my portfolio performance metrics in front of me. I can definitely see myself using this application going forward, and I hope that helps some of you all can find this useful in times of were there is much volatility in the markets. The tool is called Atom and it can be accessed via web or through android or ios. Moderator Edit: deleted advertising link."
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thepensionmaven created a topic in Retirement Plans in General
"Client has an overfunded DB which is just sitting in an investment account; client wants to set up a profit sharing plan, with a 25%, no 401K. Client is self employed with employees, not a PBGC. Is this doable? Usually, we would set up a combination DB and a 6% profit sharing plan. Not sure how this would work with an overfunded plan when no contributions can be made."
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