SDBA
MISC
FYI Friday
100

If John has three SDBA accounts, two for his pre-tax contributions and one for his Roth contributions, how many columns on the plans total tab does John’s information need?

2

100

What tab/tabs should be completed on our trust accounting template with a client provided income statement/balance sheet? (list all 5)

Start here, Billable time, Financial Report, 5500SF, List of Investments

100

Who is responsible for doing the comparison of billable hours from prior years trust account to current years trust account.

The Trust Analyst completing the TA.

200

When do we report a deemed distribution of loans on the financial report?

In plan year the 1099 is issued.

200

Where in Axis should you check to see if a plan is Goldleaf or not.

the Acquistion Company on the Overview tab.

300

When should you do a per account on an SDBA plan with YTD information. (Give 3 reasons.)

If the contribution recon is not reasonable. 

If the participant has a loan

If the participant has more than one brokerage account.

300

 Which asset(s) trigger a schedule I?

  • All other investments with the exceptions of Insurance & Annuities.
  • Notes/Deeds, Real Estate (Asset), Real Estate (Mortgage Liability), Limited Partnerships, or Collectibles/outside held Securities
300
What extended deadline for 9/30/2024 Plan Year Ends.

July 15th

400

What do you if an ineligible participant makes deferral contributions during the year?

Set up as liability to be removed.

400

If a client makes an extra payroll deposit for a participant, and then removes it, how do you show this transaction on the plan totals/ per account?

Net into contributions. 

400

Should Top Heavy Minimum contributions have their own source column on the contribution recon tab? 

No

500

What do you do if an ineligible participant has ER contributions made during the year? 

Send to Jaime for Excess Contribution Process.
500

When prior year TA showed carry forward contribution, but they don't use it in the current year. How do you report it in current year.

You don't. You leave a carry forward processing note.