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Employer Over-Deposited Profit Sharing Contribution to the Plan's 'Holding Account'
BenefitsLink Message BoardsLink to more items from this source
Sept. 2, 2021

"In 2020, ER deposited $100,000 to a holding account in the plan (I know!). Maxing out the owner and giving 5% to the employees results in a $70,000 allocation for 2020 and the passing of tests. Does he need to allocate the remainder to the participants? Or can he take back the funds as a Mistake of Fact?"

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