Message Boards Digest

July 28, 2020

Here are the most recently added topics on the BenefitsLink Message Boards:

Jakyasar created a topic in Distributions and Loans, Other than QDROs

DB Plan RMD -- Paid Out More Than Required Amount

"The owner's spouse's RMD for 2019 was $168 but $230 was taken out. (Initially took out $3,200 but refunded $2,970 prior to 12/31/19.) What issues is the owner's spouse facing, and what are the correction requirements, if any?"

2 replies   |    42 views   |    Add Reply

jgold0016 created a topic in 401(k) Plans

Mid-Year SEP Termination; Afterwards Open Solo 401(k)

"A business with a SEP terminates its only employee in June 2020. The business has made no 2020 SEP contributions. The business terminates the SEP as of July 31, 2020. Can the owner open a solo 401k in August 2020 and make a 2020 contribution to the solo 401k?"

3 replies   |    48 views   |    Add Reply

Becky Schwing created a topic in 401(k) Plans

Spinoff of Company After October 1 -- Wants a New Safe Harbor Plan

"I have an employer spinning off from an existing company effective 10/24/2020. They want to set up a plan for 2020. They want to implement a SH match for 2020. Can the employer set up the plan to be effective prior to the company being effective -- i.e., an effective date of 10/01/2020, in order to cover the 3-month period?"

1 reply   |    34 views   |    Add Reply

AKconsult created a topic in Retirement Plans in General

Plan Number on Document and Form 5500 Do Not Match

"We took over a 401k plan that has an adoption agreement that shows plan number 001. However, the 5500 filing shows the plan as having plan number 002. Apparently 001 was an old DB plan that is now terminated. This goes back many years. At least as far back as 2008 I can see that the document and the 5500 have not had the same plan number. The 5500s are correct; the plan document is incorrect. How do we correct for the wrong plan number on the document? We can fix the plan number on the upcoming Cycle 3 restatement, but would I need to go back and correct for prior documents? This plan started in 1990, I don't know if the document has always been wrong or what."

4 replies   |    58 views   |    Add Reply

Ian created a topic in 401(k) Plans

CARES Act CRD Repayment During 3-Year Spread

"Assume that I do the three-year spread of my CRD. I understand that Notice 2020-50 (the carryback option) allows me to amend my 2020 tax return if I repay more than 1/3 of my CRD before timely filing of my 2021 return. In that case, the first 1/3 is applied to 2021 income. But what if do the three-year spread but decide, after filing my 2020 return, that I want to reduce my 2020 taxable income -- not my 2021 income. Notice 2020- 50 doesn't seem to say that I can apply repayment to 2020 and amend my 2020 return in that situation. It seems to require that repayment be applied to 2021. Or, am I missing something? Also, what happens if I repay more than 2/3 of my CRD before the timely filing of my 2021 return. I assume the first 1/3 of the repayment is automatically applied to 2021. For the remainder, can I allocate it any way I want between a 2020 carryback and a 2022 carryforward?"

1 reply   |    17 views   |    Add Reply

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