Form 945. What Is It? Form 945 is used to report federal income tax withheld from nonpayroll payments, including distributions from Defined Benefit Plans. Do You Need to File? In general, if you have withheld federal taxes from any nonpayroll payments, Form 945 would be required. More specifically, if your business is the Plan Sponsor […]

Form 945

January 28, 2020

Form 945: Reporting Withholding for Defined Benefit Plans

This article has been updated for 2020. If you have a Defined Benefit Plan, it may be covered by the PBGC. What is the PBGC? How does PBGC coverage impact your Defined Benefit Plan? We will answer these and other questions in this article.   What Is the PBGC? The Pension Benefit Guaranty Corporation (“PBGC”) […]

PBGC Small Defined Benefit

August 22, 2019

PBGC and Small Defined Benefit Plans. What You Should Know.

This article has been updated for 2020. What Is the Schedule SB? The Schedule SB is an attachment to the Form 5500 series. The schedule reports the funding adequacy of the Defined Benefit Plan. An Enrolled Actuary must certify the figures on the form. Importantly, the Schedule SB does not show the maximum deductible contribution. […]

Schedule SB

August 15, 2019

Schedule SB – Defined Benefit Plan Actuarial Information

This article has been updated for the CARES Act of 2020. Can you rollover a Defined Benefit Plan distribution to an IRA? Yes, in fact you can, subject to the specifics below. Note that these rules apply to both traditional Defined Benefit Plan rollovers and Cash Balance Plan rollovers. Background: Defined Benefit Plan Rollover to […]

Defined Benefit Plan Rollover IRA

July 25, 2019

Defined Benefit Plan Rollover to an IRA. What are the Rules?

This article has been updated for 2020. If you have a Solo 401(k), you may encounter an interesting situation. First, as a part of maintaining a 401(k) Plan, you may need to file the Form 5500-EZ. However, you will likely find that your financial provider does not offer this filing as a service. It’s not […]

Form 5500-EZ

May 30, 2019

Form 5500-EZ: [Updated] Instructions with Screenshots for Solo 401(k) Plans