Mark Your Calendar
Here are some important deadlines in the upcoming months. Most of the dates are for calendar-year plans; non-calendar-year plans must adjust the dates.
- Establish a SIMPLE IRA or safe-harbor 401(k) plan for 2014 (newly established businesses may have until later in the year).
- Conform plan operations for any additional benefit restrictions that may apply under IRC Section 436 if you sponsor a single-employer defined benefit plan and haven’t received a certified AFTAP from the plan’s enrolled actuary.
- File Forms 5500, 5500-SF or 5500-EZ, and 8955-SSA, if you filed Form 5558 for a 2½-month extension.
- Make deductible contributions for 2013 if you file a Form 1040, Schedule C and have an extension of your April 15, 2014, filing deadline.
- Set up a SEP plan for 2013 if you file a Form 1040, Schedule C and have an extension of your April 15, 2014, filing deadline.
- Make third quarter contributions to 2014 calendar-year defined benefit plans.
- Elect (or change a standing election) for single-employer defined benefit plans if they lost their standing election because they changed their enrolled actuary.
Nov. 2: Give a SIMPLE IRA or SIMPLE 401(k) plan notice to eligible employees of their 2015 salary reduction rights and whether the employer’s required contributions will be matching or nonelective contributions.
- Distribute 2013 401(k) excess contributions and excess aggregate contributions (both adjusted for 2013 income and losses).
- Set up a qualified retirement plan for 2014 (you can’t have retroactive elective deferrals).
- Distribute 2014 required minimum distributions (you have until April 1, 2015, to pay the first RMD for a participant who turned 70½ in 2014 or for a participant, other than a 5-percent owner, who retired in 2014).
- Revoke a single-employer defined benefit plan sponsor’s previous election to use a funding balance to offset minimum required contributions for the 2014 plan year, to the extent the election exceeded the full minimum required contribution for the year. This deadline only applies to plans with valuation dates as of the first day of the plan year.
- Elect to reduce Jan. 1, 2014, funding balances to avoid or lift benefit restrictions under IRC Section 436 for single-employer defined benefit plans.
- Recertify a single-employer defined benefit plan’s 2014 AFTAP if it had previously been certified using MAP-21 rates on or before Sept. 30, 2014, and the use of Highway and Transportation Funding Act (HATFA) rates causes a material change (deadline applies if changes in IRC Section 436 restrictions are applied prospectively) – see Notice 2014-53.
- Elect to:
- Revoke a deemed election to defer using HATFA rates for a single-employer defined benefit plan to 2014 by either providing written notice or filing an amended Form 5500, Form 5500-SF or Form 5500-EZ for the 2013 plan year – see Notice 2014-53.
- Restore any single-employer defined benefit plan’s funding balances if a reduction made before applying HATFA rates is no longer necessary (if the original election was made on or before Sept. 30, 2014 – see Notice 2014-53).
- Add excess 2013 contributions made on or before September 30, 2014, to a single-employer defined benefit plan to the plan’s 2014 funding balances (only if HATFA rates apply for 2013 – see Notice 2014-53).
- Redesignate any single-employer defined benefit plan contributions no longer needed for 2013 as 2014 contributions (only if HATFA rates apply for 2013 and the original contribution was made between January 1, 2014 and Sept. 30, 2014 – see Notice 2014-53).
Jan. 15, 2015: Make the 2014 fourth quarter contribution for defined benefit plans.
Jan. 31, 2015: Cycle D individually designed plans must amend for recent law changes and may submit the plan for a determination letter.
Feb. 2, 2015:
- File Form 945, Annual Return of Withheld Federal Income Tax. If you made timely and complete deposits of 2014 taxes, you may file Form 945 by Feb. 10, 2015.
- Trustees and custodians must issue Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., to recipients of 2014 retirement plan distributions.