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



See the Q&A at http://www.retirementdictionary.com/handling-SEP-SIMPLE-excess.htm

Please post any follow-up questions



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