Guest srwatts Posted September 8, 2011 Posted September 8, 2011 We have a 401(k) Plan where the owner and his spouse both participate. They file a K-1 and both contributed throughout the 2010 plan year. The taxes have just been completd and it has been determined that the spouse only has compensation of $600 for the year, however, contributed $1300. The accountant is asking if the excess can be carried over to 2011 and he will adjust this year's return. Can this be done? Wouldn't the exess be a non-deductible contribution for 2010 and subject to an excise tax?
EBDI Posted October 13, 2011 Posted October 13, 2011 I am curious if you ever found an answer to this question as I am facing a similiar situation.
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