Guest CWM Posted December 12, 2014 Report Share Posted December 12, 2014 We have a new client that adopted a 401k plan for 1/1/14. Due to the time it took for everything to get set up with the 401k investment provider, contributions didn't start until around 2/1/14. Problem is that we just discovered for the month of January they continued to make contributions to their old SIMPLE IRA. Can the client just do a corrective distribution from the SIMPLE IRA or pay an excise tax on a non-deductible contribution or do they have to go through VCP to get the matter resolved? It's not a lot of money. Link to comment Share on other sites More sharing options...
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