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Terminating Simple Plan and Contribution Timing


mjf624
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Simple terminated in 15 and converted to a 401k in 16. Two questions, can the 2015 employer contribution for simple be funded in 2016? If it is a partnership (k1's for partners - not w2) can the employee deferrals be deposited for the partners in 16 for 2015?

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https://www.irs.gov/pub/irs-tege/forum15_sep_simple_avoiding_pitfalls.pdf

Mfishbein, take a look at this from the IRS website. See page 6 where it says (regarding self employed deferrals):

For a self-employed person, the Schedule C filer, salary reduction contributions must be deposited within 30 days of the end of the plan year, or January 30th.

Austin Powers, CPA, QPA, ERPA

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