Guest LTurner Posted February 27, 2003 Posted February 27, 2003 Our new client.... adopted a 401(k) PSP with safe harbor non-elective language. Effective 4-1-02 with year end of 3-31. All went well, until at end of year, CPA notices that SIMPLE and 401K amounts are on the W-2 (which they didn't have a problem with) and when combined one individual was over the $ limit. Brought to our attention in mid-Feb when an excess contribution distribution was requested. Financial advisor said they could do this because they terminated the SIMPLE on 3-31-02 and didn't start the 401k until 4-1-02. What steps do we take to correct this? As I'm quite certain you cannot have the 401k and the SIMPLE in the same calendar year (boy I wish/hope I'm wrong).
Blinky the 3-eyed Fish Posted February 27, 2003 Posted February 27, 2003 This plan is made of neon? (Sorry, I couldn't help myself.) "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs."
Guest LTurner Posted February 27, 2003 Posted February 27, 2003 Blinky, although I can appreciate your sense of humor - it didn't help
Guest LTurner Posted February 27, 2003 Posted February 27, 2003 Blinky, although I can appreciate your sense of humor - it didn't help
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