Message Boards Digest

March 31, 2023

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

jw721 created a topic in Retirement Plans in General

Late Filing Penalty for Late Deposit Form 5330

"We prepared a 2021 Form 5330 for a client who had late deposits. For several reasons, we did not prepare it until December 2022 but we calculated the interest/excise tax through 12/31/2022. They will also need a 2022 Form 5330, which I believe we could have included the 2021 info on that for only one filing, but we elected to do two separate filings. The client remitted the form (along with excise tax payment) fairly quickly; the IRS apparently received these on Jan 9, 2023. I know this because they actually sent our client a letter assessing penalties. Granted, the amount is quite small (< $10) but I have never heard of a late 5330 letter being sent by the IRS. Has anyone else heard of their clients receiving a late 5330 letter, ever? I know the IRS is beefing up their staff and perhaps now have employees eager to take action on things like this. Also, could the client have avoided a penalty if we had done a combined reporting on one 2022 Form 5330?"

1 reply so far   |    Click Here to Add a Reply

D.J. Simonetti created a topic in Plan Terminations

SECURE Act Amendment for Terminating CB Plan

"I'm terminating a cash balance plan with a PYE 7/31 and am trying to get all benefits paid out prior to that date so that the 5500 for that PY will be the final 5500. The plan document is from FT William which has a Secure Act amendment for terminating DC plans but has advised that it won't have one for terminating CB plans for several months. Any ideas?"

4 replies so far   |    Click Here to Add a Reply

bzorc created a topic in Health Savings Accounts (HSAs)

When to Cease HSA Contributions

"Personal question: I turn age 65 in November, 2023, and am currently deferring amounts to an HSA account to cover the HDHP deductible. I know I have to cease HSA contributions when I turn 65, but the question is when do I have to stop? I currently plan to retire in January, 2024, and keep my health coverage through my employer through the end of 2023, starting Medicare Part B on 1/1/24. I've heard conflicting theories as to when deferrals have to cease, so I'd thought I'd ask the question here."

2 replies so far   |    Click Here to Add a Reply

justatester created a topic in 401(k) Plans

Top Heavy and COVID Distributions

"Question: For the COVID distributions that did not get paid back, do they count as an in-service distribution that needs to be added back/included in top heavy balances?"

1 reply so far   |    Click Here to Add a Reply

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