Jump to content

SEPP and a Profit Sharing Plan

Guest ronalds

Recommended Posts

Guest ronalds

I have a client that overfunded his 1998 SEPP by $3,200 in February of 1999. The CPA figured that they would just use it towards the 1999 contribution.

When I met the client in July of 1999, he told me he didn't have a qualified plan and wanted to put in a profit sharing plan which we did.

Now I have found out about the SEPP. As it was a model SEPP, I believe that he is not allowed to have another plan for that year.

Am I correct? If so, how should we go about fixing this problem?

Thank you.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Create New...