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New Defined Benefit Plan for 2020 But Goal Is to Minimize Required Funding for 2020
BenefitsLink Message BoardsLink to more items from this source
July 1, 2021

"The sole proprietor's 2020 personal tax returns are on extension. The sole proprietor will adopt a new defined benefit plan for 2020 effective 1/1/2020. Can the plan be designed with a $2,000 maximum monthly benefit and not run afoul of any IRS rules? The objective is to limit the 2021 accruals such that the required minimum contribution for 2021 is $0 or a very small amount."

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