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SIMPLE correction procedures


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A SIMPLE-IRA plan covers only owner and spouse (no other EEs). They have been depositing $$$ into the plan for several years. It was just now discovered that their W-2s were not reflecting the contributions they made to the plan.

Is there any problem with the SIMPLE as a result of this? I think any corrections would involve revised W-2's and amended tax filings for all those years, which would presumably result in a nice retoractive refund. But the SIMPLE would not need to be fixed or corrected, is that right?

Thanks - Mike

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Seems like you have a W-2 problem. Be certain that whoever completed the W-2 form completed the other boxes correctly and didn't net out amounts in box 1.

This oversight, alone, wd not affect the SIMPLE.

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