Removal of Excess SIMPLE IRA Deferral
I have a client who made excess Salary Deferral contributions to her SIMPLE IRA for tax year 2007.
To avoid the 6% penalty, do we have until October 2008 to remove the excess contribution (plus earnings) even though the client will have filed their 2007 return by April 15, 2008?
Thanks,
Steve
Permalink Submitted by [email protected] on Thu, 2008-04-03 08:29
See the Q&A at http://www.retirementdictionary.com/handling-SEP-SIMPLE-excess.htm
Please post any follow-up questions