Message Boards Digest

July 21, 2022

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

Basically created a topic in Form 5500

Form 5500EZ, assets dip below $250,000

"A client is telling me that the form 5500EZ does not need to be filed this year because their assets have dipped below $250,000 (as of 12/31/2021). Makes me nervous to not file. Do people skip a year if the plan's assets don't exceed $250,000? Or is it recommended/you recommend to the client to keep filing? OR by chance, is an EZ plan required to keep filing once a form was filed (even if assets are less than $250,000 now)?"
2 replies so far   |    Click Here to Add a Reply

Basically created a topic in Plan Terminations

2021 Termination, assets keep coming back

"A single member plan that invests through Merrill Lynch made every effort to liquidate before 12/31/2021 so that the plan can be terminated. The process started in August of 2021 and everything was rolled into IRAs. For some reason 14 shares of an investment kept being returned to the account. $1,900 dollars. It left and came back and left and came back. The advisor is saying its a ML back office problem. He has a documented paper trail. I am of the mind to say the plan is terminated as of 12/31/2021. If an issue arises later then deal with it then. Sound good? Anyone ever have this problem?"
3 replies so far   |    Click Here to Add a Reply

ldr created a topic in Retirement Plans in General

Compensation - K-1 - Real Estate Income

"Good afternoon to all, I have been asked to post the following question, and I do not have any further details concerning the reason for the question. "Is the definition of plan compensation for a partner (in a partnership) anything other than box 14a on the K-1 if the income comes from real estate income? " Thank you in advance for any information you can share in this regard."
5 replies so far   |    Click Here to Add a Reply

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