qbteachmt
Level 15
04-22-2025
11:18 AM
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"We are now past 4/15 - can the client simply withdraw the excess given the extension?"
No. The deadline is 4/15.
"He was advised by the brokerage bank to file form 5330"
Yes. You need to determine if that is the "employee" share or the "employer" share.
I found some articles for your reference:
https://www.mysolo401k.net/dealing-excess-nondeductible-solo-401k-individual-k-contributions/
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Don't yell at us; we're volunteers