matth100 Posted September 29, 2017 Report Share Posted September 29, 2017 Wondering how we might address an over contribution to a SEP IRA if it has since closed and the funds transferred into a 401(k). 2016 tax year, looks like about $2K over the limit was added to the SEP, but a withdrawal doesn't seem possible since the account has since transferred into an Individual 401(k) Any ideas on how to resolve this? Link to comment Share on other sites More sharing options...
CuseFan Posted October 2, 2017 Report Share Posted October 2, 2017 Why can't the excess be distributed from the 401(k)? It was ineligible to be in the SEP so it was not eligible for rollover. Just like rolling over excess amounts from a plan to an IRA, where you have to withdraw from the IRA to correct, what makes this different? Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com Link to comment Share on other sites More sharing options...
matth100 Posted October 2, 2017 Author Report Share Posted October 2, 2017 I was thinking about that, but figured that with a custodian change they might not be able to do so, I'll ask, thanks. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now