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Correcting a mistaken contribution to a SEP.

Guest emily ward

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Guest emily ward

An employer intended to create a SIMPLE Plan and filled out the appropriate and correct documents to create the SIMPLE Plan. When the employees went to the trustee to fill out the appropriate documents to establish the IRA, the trustee provided them with the wrong forms and therefore, the employees established a SEP IRA. The employer made contributions to what he thought was a SIMPLE IRA, but the trustee reported the contributions on Form 5498 as SEP contributions. The trustee would like to correct this mistake (i.e., have the employees signe a SIMPLE IRA agreement and report the contributions as being made to a SIMPLE IRA). Any suggestions?

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