Message Boards Digest

January 25, 2022

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

austin3515 created a topic in 401(k) Plans

Can Amend Already-Filed Tax Return to Make and Show an Employer Contribution?

"An employer filed his September 30, 2021 1120S tax return a few weeks ago. This return did not include any employer contributions. Subsequent to filing the return, which was on extension until June 15, 2022, he has decided he would like to fund an employer contribution. Because the contribution will be funded before the extended due date of the return, I cannot think of any reason he would not be able to file the amended return accordingly. Is there some rule that indicates that once you file the return it's case closed, or is it permissible to amend under the circumstances?"

3 replies so far   |    Click Here to Add a Reply
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SSRRS created a topic in 401(k) Plans

Employers Now Must Offer a 401(k)?

"Was the bill that was going to mandate all employers to offer a 401(k) plan to their employees?"

2 replies so far   |    Click Here to Add a Reply

AC4061 created a topic in Nonqualified Deferred Compensation

Payments from Rabbi Trust Reported in Box 11 of Form W-2 Used to Report Wages

"Client received a 2020 W-2 showing wages from services performed as a minister. His housing allowance was included in his gross wages for Social Security and Medicare. He retired and began receiving distributions from the rabbi trust. Per the plan, 25% of the annual distribution from the rabbi trust is designated to a housing allowance. Should the client have received two Form W-2s? The client only received one. The $25k received from the rabbi trust was not included in Box 1, but only reported in Box 11."

No replies yet   |    Click Here to Add a Reply

metsfan026 created a topic in 401(k) Plans

Employer Can Sponsor Plan When All LLC Income Comes from Crypto Currency Trades?

"I just got a new lead where the income from the LLC comes solely from their investments in crypto currency. Is this an issue when starting a plan for an LLC? Or as long as they are reporting the income on a K-1 through the LLC, it wouldn't matter?"

4 replies so far   |    Click Here to Add a Reply

Jakyasar created a topic in Retirement Plans in General

11(g) Amendment to Provide Benefit for HCE Who Worked Under 1,000 Hours?

"CB/DC (401k + SH + PS) combo. Both plans require 1,000 hours for accruals/allocations. PS has last day requirement as well. One owner/HCE got very sick and only worked 100 hours but was still employed on the last day. The other partners want him to get CB accrual as well as PS allocation.

All non-HCEs are covered under both plans and get the minimum required gateway -- no exclusions. Some non-owner HCE's are excluded from CB plan but participate in DC plan -- just getting 3% non-elective SH.

Can an 11(g) amendment be made just for this HCE and have him accrue benefits for 2021? If yes and he gets benefits, should these benefits be included in the 2021 410b and 401a4 testing? No issue with 401a26 as comfortable passing. With him benefitting for 2021, all my testing will still pass so no issues there (checked it already). Any other suggestions?"

10 replies so far   |    Click Here to Add a Reply

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