Message Boards Digest

September 15, 2021

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

Vlad401k created a topic in 401(k) Plans

Accounting for Earnings on Amounts Mistakenly Forfeited

"In 2020, a participant took a distribution and it was thought that she was only 20% vested. However, in 2021 it was discovered that she actually was 40% vested. We've contacted the participant and she'd like to get a distribution of the portion that should not have been forfeited. I've done some research and it looks like the incorrectly forfeited amount must be adjusted for earnings ( My question is, how to determine the earnings on the incorrectly forfeited amount, because the participant's balance was $0 after the distribution was taken?"

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metsfan026 created a topic in 401(k) Plans

Does Hurricane Ida Relief Apply to the Time for Making Contributions?

"I just want to make sure I'm reading all of this correctly. Under the Hurricane Ida Relief it says:

The IRS also gives affected taxpayers until January 3, 2022 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2018-58, 2018-50 IRB 990 (Dec. 10, 2018), that are due to be performed on or after September 1, 2021, and before January 3, 2022, are postponed through January 3, 2022.

As part of Treas. Reg. § 301.7508A-1(c)(1) it says:

(c) Acts for which a period may be disregarded--(1) Acts performed by taxpayers. Paragraph (b) of this section applies to the following acts performed by affected taxpayers (as defined in paragraph (d)(1) of this section)--

(iii) Making contributions to a qualified retirement plan (within the meaning of section 4974(c)) under section 219(f)(3), 404(a)(6), 404(h)(1)(B), or 404(m)(2); making distributions under section 408(d)(4); recharacterizing contributions under section 408A(d)(6); or making a rollover under section 402(c), 403(a)(4), 403(b)(8), or 408(d)(3);

Paragraph (b) discusses the delayed deadline. So does this mean contributions due by 9/15 are delayed to January 3?"

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RayJJohnsonJr created a topic in IRAs and Roth IRAs

IRA Owner Named Estate as Beneficiary. Can His Widow Roll It Into Her IRA?

"Recently deceased Age 75 IRA owner named estate as beneficiary. Is there a way his wife can roll it to her IRA? The wife is the sole heir in the deceased's will. The death claim has not been paid to the estate yet (just waiting on a few documents)."

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