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|New Defined Benefit Plan for 2020 But Goal Is to Minimize Required Funding for 2020|
BenefitsLink Message Boards
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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