FAQ 904: Allocations--SH Match or Deferral only for Self-Employed Plan (no Source 2 contribution)


I'm trying to run budget routine for a partnership so that we can get the expense breakdown. The only contribution is for a SH Match and the budget routine keeps telling me I need to pick a source for Gateway... Not sure what to do since there is no profit sharing contribution....


The budget needs "Source 2" to be set up and run. If you are not allocating a source 2 contribution you still want to force it to zero (you will need to activate source 2) and then set the source 2 up as a New Comp Allocation - This is how we recommend running when there is only a SH or Deferral.
Budget - Deferral Only or Safe harbor run (non source 2) coding

Formula is set to zero.
Be sure to check Source 2 as well as any other necessary sources for the Budget.
NOTE: The Formula Contribution Only coding is important on the budget setup screen.