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SEP Transition to Simple with Funding


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Hello. I have a client with an existing SEP Plan (prototype w/ TD).  I know we can still make a 2020 contribution of course, but not sure on this:  Can a 2020 contribution be made to the SEP, we then terminate the SEP, and finally establish a Simple for 2021?  If so, does the SEP termination need to be retro to 12/31/2020, and is that even possible?

Thank you in advance.

 

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