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 Denise Appleby 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