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SEPP and a Profit Sharing Plan


Guest ronalds
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Guest ronalds

I have a client that overfunded his 1998 SEPP by $3,200 in February of 1999. The CPA figured that they would just use it towards the 1999 contribution.

When I met the client in July of 1999, he told me he didn't have a qualified plan and wanted to put in a profit sharing plan which we did.

Now I have found out about the SEPP. As it was a model SEPP, I believe that he is not allowed to have another plan for that year.

Am I correct? If so, how should we go about fixing this problem?

Thank you.

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