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Form 5558 Virginia Fairfax: What You Should Know

January 1, 2011, effective date. Form 5558 — IRS Sep 16, 2023 — IRS Forms for the Year 2019 May 10, 2009, P. L. 110-182, Sec. 4. Subpart B, Rules for Individuals—Form 5558 (Rev. 6/14/07) and Forms 5500-SF (Rev. 6/14/07) (as amended by P.L. 110-182, sec. 4(c)(5)). In general, under Sec. 4.an of the Regulations, a plan is treated as an “employee pension plan” for purposes of the regulations, provided that the plan meets the requirements of the regulations. Form 5558-SF (Rev. 6/14/07) In the case of plan sponsors whose contributions to an employee pension plan are not included in the gross income of the employer, and who receive contributions from non plan-participating contributors (which must be treated as employee contributions to the employer's plan pursuant to IRC Section 404(c)(30)), the plan must treat such non-participating contributors as contributions to the employee pension plan. The non-participating contributors are treated as employees of the sponsor, unless the sponsor has agreed to treat such contributions as non-employee contributions to the plan. See the table above for the maximum non-employee contribution (10% of compensation) on which employers may treat such contributions. The plan may adjust the non-employee contributions to the plan in light of all the facts and circumstances affecting the plan which are not the result of an administrative error based on an incorrect plan description. To be in compliance with the regulations, this non-participating plan contribution must be treated, on an individual basis (i.e., tax-deductible), as if the employer had elected to take the standard deduction under IRC Section 59A for the year and paid 10% of employee compensation in excess of the minimum tax (as defined in IRC Section 401(a)). However, if the employer makes no such election, we do not treat the non-participating contribution as an employee contribution to the plan. The plan may also choose to treat such non-participating contributions as non-employee contributions to the plan if the employer makes such election, provided that the plan does not reduce its contributions to the plan by deducting the non-employee non-participating contribution from the plan at the applicable level. The Form 5558.

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