FAQ
- Can the penalty for not taking the total RMD be waived?
- What happens if the individual fails to take the RMD by the required deadline?
- Can a retirement account owner withdraw more than the RMD?
- Who calculates the RMD amount?
- Can an account owner take an RMD from one retirement account instead of a separate RMD from each account?
- How is the RMD amount calculated?
- When must I take the RMD?
- Are 401(k) plans and cash balance plans subject to RMDs?
- Do I have to take an RMD from my 401(k) or defined benefit plan if I am still working in the business?
- What are Required Minimum Distributions (or RMDs)?
- My spouse does some work for me in my business and I want to add them to the plan. How do I do this?
- I didn’t run payroll for myself last year. Can I still run payroll and get a contribution in for the prior year?
- Am I allowed to take out multiple loans? For example, can I take out a loan for $25,000, a second loan at a later date for $10,000, and a third one for $5,000?
- Is there a grace period if a loan payment is not timely made?
- What if I don’t make the loan payments?
- Are there restrictions on how a participant uses a loan?
- Does the loan interest rate need to be reviewed each time a new loan is made?
- Can I borrow from my cash balance plan?
- Should I invest in real estate in my defined benefit plan or an IRA or 401(k)?
- How does bonding work and why do I need it?
- Why do I have to file form 5500 and cannot file form 5500-EZ?
- How do year-end valuations work?
- Do you know any banks that open self-directed accounts?
- Does Emparion charge additional fees for administering self-directed plans?
- How are my cash balance plan contributions reflected on my tax return?
- I would like you to take over the administration of my plan. What do you need?
- I’m buying a business that currently has a defined benefit plan, and I think I want to keep the plan open. What are my next steps?
- I received an IRS letter stating that my form 5558 was approved. What do I do with the letter?
- Do you have any e-confirmation that shows the IRS received and approved the extension request for the submitted Form 5558?
- What is Form 5558?