Simple IRA contribution went to incorrect account
I have a client with a Simple IRA plan. Contribution went into the wrong employees account (we manage all employees accounts). What is the process to back out the contribution? Additionally, the contribution is now down because of market performance.
Can you help?
Permalink Submitted by Alan - IRA critic on Wed, 2022-01-26 15:42
See the following link. Of course, if a contribution was also missed for another employee, that must be made up as well. If the employee who received the wrong contribution is still active, consider the retention method.
SIMPLE IRA Plan Fix-It Guide – You made incorrect employer contributions for eligible employees | Internal Revenue Service (irs.gov)