Frequently Asked Questions

Setting up an eQRP

Are there any income limitations with an eQRP?

There are no income limitations with an eQRP.

Using the eQRP

Is this a ROTH IRA as well?

The eQRP is not an IRA. The ROTH piece just means you’ve already paid taxes on something and it’s deferred. Within this, you get both. You get the deferred piece and you get the ROTH piece. When you have your eQRP, if you chose, you can defer up to $53,000 a…Click for more


What are the ongoing responsibilities and costs involved in a QRP?

Once you’re set up you’ll generally have little or no ongoing expenses. You are required to file a form 5500 with the IRS if you plan has over $250,000 in assets.  If you have less then $250,000 and less then 100 employees you’re exempt from filing this form.  You can…Click for more


How do I calculate the amount I can contribute to my QRP 401k and profit sharing plan?

You can contribute up to $17,000 per year to your 401(k) for 2012.  The profit sharing plan will allow you to contribute a maximum of $50,000 per year for 2012 which includes the elective deferral amount ($17,000).  The profit sharing portion, which is another way of describing the employer contribution…Click for more


Can I rollover my existing 401k or IRA into a QRP?

Yes, you can roll most IRA, SEP IRA, SIMPLE IRA (after 2 years), ROTH IRA (only into a Roth QRP, 457(b), 403(b), Profit Sharing and other QRP’s into your QRP. An IRA can be rolled into a QRP if the funds in it were rolled over from a previous 401k,…Click for more

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