Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Ira Player who wrote (2292)	9/15/1999 2:49:00 PM
From: Kaye Thomas	Read Replies (2) of 5810

This might be a disqualifying event as a technical matter but normally the IRS doesn't disqualify plans for inadvertent errors, choosing instead to permit corrective action and, where appropriate, imposing a penalty of some kind. Willful manipulation of the plan by a "401k player" (grin) might result in disqualification. As to the individual, if this is viewed as an excess deferral it would be a nondeductible contribution, but one that does not create basis, so the end result would be double taxation of that amount. Kaye Thomas, author Fairmark Press Tax Guide for Investors fairmark.com

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