From Jan Telesky

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Jan Telesky

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Jul 9, 2024, 7:29:54 PM (12 days ago) Jul 9

to clientwh...@googlegroups.com

A client has some retirement plans with Schwab and just received 4 separate 990T returns that indicate he needs to pay around 50K in taxes. These are legit retirement plans. Why would he get the 990T's and owe tax? I can't find a reason anywhere I have looked. Anybody have an answer?

Thank you

Jan Telesky

Telesky Financial Services

1475 S Bascom Ave, Ste 112

Campbell, Ca 95008

T 408-551-6580 F 408-551-6584

www.TeleskyFinancialServices.com

Lee Reams

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Jul 9, 2024, 8:24:36 PM (12 days ago) Jul 9

to 'dbests@aol.com' via ClientWhysConnect

Jan,

Sounds like he has unrelated business income from his plans which is subject tax even if the UBI is within a retirement plan. And the 990-T is the form that UBI is reported on. The following is from the BB:

On Jul 9, 2024, at 4:29 PM, Jan Telesky <jdt...@gmail.com> wrote:

A client has some retirement plans with Schwab and just received 4 separate 990T returns that indicate he needs to pay around 50K in taxes. These are legit retirement plans. Why would he get the 990T's and owe tax? I can't find a reason anywhere I have looked. Anybody have an answer?
Thank you

Lee Reams Sr., BSME, EA
Chief Content Officer
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p:	1.800.442.2477 x240
w:	www.countingworkspro.com/ e: lee....@countingworks.com