Reclassification of Descretionary Employer Profit Sharing Contribution

[Guest Emiliano]

A descretionary profit sharing contribution was made to the plan in March and described as a contribution for the current year. The sponsor really took it on the chin this year and would like to re-classify said contribution on its year end financial statements as a contribution for next year.

Can this be done?

[Dave Baker]

Just to clarify -- this employer's taxable year is the calendar year, the plan year is the calendar year, and the contribution was made in March of 2000? But the employer wants to consider the contribution as being made for the 2001 plan year, so it doesn't have to take a relatively useless deduction for 2000 due to other losses (or not much taxable income in 2000 for some other reason)?