Our Funding Request Form is used to streamline the annual administration process. While the form is easy to understand and has links to articles and other helpful information, questions still arise.
This form is the first step in the administration process, so it is imperative that it is completed accurately and completely.
This post will give you many of the FAQs we receive when it comes to completing the form.
What information should I have with me to fill out my funding numbers request form?
These items are not required to be included with your submission. However, we recommend that you review all of the documents below in order to submit the form accurately.
- W2s issued from your company to you, your spouse, or other owner (If your company is taxed as an S-Corp or C-Corp).
- Schedule C (If your company is taxed as a sole proprietor).
- Partnership K-1 issued to you and your partners (if your company is taxed as a partnership).
- Cash balance investment account monthly statement for December.
- Transaction history for the cash balance account, to review deposit dates and amounts for any contributions made for the current plan/tax year.
As applicable:
- 401(k) investment account monthly statement for December.
- Census with all employee details. If you have any employees outside of you, a spouse, or another owner/partner. Here is a link to our template.
Can I use an estimated net income if my accountant has not finalized my tax return?
The IRS does not allow estimates. We need the exact net income amount in order to calculate your permissible funding range and profit-sharing amounts.
What happens if I accidentally sent the wrong information on my funding numbers request form?
We will need to recalculate the permissible annual funding range. We charge a fee of $200 to rerun the calculations. We recommend filling out the funding request form carefully, and reviewing information before the form is submitted.
How long does it take for the calculations to be completed?
Our turnaround time is typically 5 – 10 business days. Please consider any funding or tax filing timelines you may have.
When is the last date I can submit the funding numbers request form? I have filed an extension for my business return.
We accept forms until August 15th. That allows enough time for calculations to be finalized prior to the funding deadline of September 15th. Please remember this deadline is for all calendar year plans, including companies taxed as sole proprietors, S-Corporations, Partnerships and C-Corporations.
I only have a 401(k) plan with Emparion. Do I still need to submit the funding numbers request form?
Yes, the form will prompt you to provide the plan type(s) you have that are administered by Emparion. The form will then ask questions specific to your plan type, eligible participants, and tax structure.
I have a cash balance plan with Emparion and I have a 401(k) plan that I administer on my own or with another administrator, do I need to provide my 401(k) plan details in the funding numbers request form?
You do not need to provide the 401(k) year-end balance or contribution details if Emparion only administers your cash balance plan.
However, if your company is taxed as a sole proprietor or partnership, we will need you to confirm your final profit-sharing amount. This information will be requested when collecting final contribution details. Our actuary team uses that information as part of the cash balance plan actuarial calculations.
I have filed an extension for my business tax return. Can I submit the funding numbers request form now?
Yes, if you have all of the necessary information prepared to submit the form, we recommend that you submit the form at your earliest convenience. You can still hold off on funding until closer to your filing deadline.