Jump to content

Recommended Posts

Posted

We initiated a large profit sharing deposit into the 401k accounts via our bank like we have in the past. It was in limbo for a couple of days then rejected missing deadline for September 15 - corporate filing deadline. I have looked to see if the IRS allows for such errors but have not found any to put the money into the account after the 9/15 failed attempt. 

Anyone know of a rule or process or ... anything that might allow a deposit after the 9/15 date?

Posted

Bill, I take it that the bank that extends the line is not the same bank as the plan trustee? When was the contribution eventually made?

You can still deposit it "for" 2019, but may need to take the deduction in 2020. However, the particular facts and circumstances, and how your return prepare sees them, will govern.

Luke Bailey

Senior Counsel

Clark Hill PLC

214-651-4572 (O) | LBailey@clarkhill.com

2600 Dallas Parkway Suite 600

Frisco, TX 75034

Posted

Client, payroll firm, accountant, TPA or advisor located in a disaster area? You might have until 12/15 if so.

Lots of facts unknown here but in general if the funds were legitimately removed from the plan sponsor's control the funds become plan assets at that time.

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...

Important Information

Terms of Use