Guest Noidy Posted February 4, 2002 Report Share Posted February 4, 2002 An employer contributed too many matching dollars to SIMPLE IRA's for two employees. All of this was for the 2001 tax year and the employer was doing the dollar per dollar match up to 3% of compensation and the two employees had much less in compensation than expected. How can we undo this without problems and penalties? The mutual fund company holding the SIMPLE IRA's claims that we have to pull the money out of the SIMPLEs by law but the withdrawal will be considered a taxable distribution from an IRA that's subject to taxes and an extra 10% penalty because the employees are younger than 59 1/2. Isn't there a better way? Thanks for any help. Link to comment Share on other sites More sharing options...
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