Contribution exceeds 404 limit

[Cynchbeast]

We have client who contributed and deducted on tax return approx. $10,000 more than 404 limit. Ideas for correcting?

[david rigby]

Was any portion contributed after the end of the plan year? If so, amend the tax return to have that portion deducted in the subsequent tax year.

[Calavera]

Is it a defined benefit plan or a defined contribution plan?

[Cynchbeast]

We have client who contributed and deducted on tax return approx. $10,000 more than 404 limit. Ideas for correcting?

In reply to both - it is a Profit Sharing and yes, the contribution was made after the PYE but before filing tax return. Our initial response was to treat it as advance contribution for the following year. However, sponsor already deducted the full amount on his tax return.

Any creative ideas or does he just have to amend the tax return and pay the additional tax, interest & penalties due.