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Disqualification of SARSEP

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I thought it would "just" mean that deferrals for that year must be returned; see IRS website below. It is very specific on that point. I'm not sure what happens when the are returned after 2 1/2 months though; maybe that's the question. I would think they would be telling you that, no?


Ed Snyder

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  • 4 weeks later...

Under the EPCRS (Rev. Proc. 2008-50), the excess contributions can be distributed or retained (and it's probably not too late to use this method).

Otherwise, they are just traditonal IRA "excess" contributions (and can be corrected after the due date without any problem, just a 6% tax).

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