Hello-

1. Client has made around $900 contributions to a SEP for one employee this year. Can they undo these contributions and switch to a 401k for this year?

2. Client’s adoption agreement says eligible employees are employees that have worked for them for at least three out of the prior five years. They have been making contributions for someone that did not work for them three out of the last five years. Do they need to undo the contributions?

3. Client thought they could exclude part time employees from SEP. They have had the SEP plan since 2016. Do they need to correct this back to the start of 2016 or is there some kind of max correction period required (for example three years)?

Thank you!