Need to rescind SEP contribution made for 2017 need to know whether can be done and how.

Client has SEP plan in place for 2017. Has made a contribution of $54,000. The client has determined that they want a defined benefit plan. In order to qualify for the defined benefit plan client cannot have SEP. Needs to confirm that the contribution for 2017 can be rescinded. Can this be rescinded? If this rescission is allowable how should it be done? Are there timing issues? Any other issues that should be addressed?



Add new comment

Log in or register to post comments