SIMPLE IRA - Possible excess contribution?

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated) 

Yahoo!   Google   Windows Live   del.icio.us   digg   Netscape

Subject Author Date SIMPLE IRA - Possible excess contribution? gindie 02-02-2007
Posted by gindie on February 2, 2007, 2:10 am Please log in for more thread options We're trying to compute the maximum allowable contributions for my wife's SIMPLE. She was the sole person in the company. Does the SUM of the employee-side contributions and employer-side match have to be less than or equal to the net income for the company, OR can the employee-side go right up to the net income and then the employer match be added in? We did the latter and TaxCut is telling us that we contributed too much. << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Similar Threads Posted Best Method for Return of Simple IRA Excess Contribution February 27, 2008, 4:59 pm Excess funding of SIMPLE IRA December 16, 2006, 8:39 pm 401(K) Excess Contribution January 26, 2007, 11:52 pm excess 401(k) contribution April 3, 2007, 6:46 pm excess 401(k) contribution & W-2 April 16, 2007, 12:09 am Excess IRA contribution January 28, 2008, 8:55 pm excess contribution to 457 February 1, 2008, 11:25 am Refund of "excess" 401(k) contribution due to HCE tag January 25, 2007, 2:43 am excess 401k contribution June 21, 2009, 4:18 pm Paying Penalty for Excess Roth IRA Contribution April 12, 2006, 11:09 pm