LouD Posted December 4, 2009 Report Share Posted December 4, 2009 Working on a 2008 amended 1040 for a Schedule C client that realized he double counted some expense categories. Client maxed out his solo-401k contribution with the originally filed return. Now that we're submitting the amended return, is there any chance he can increase his 401k contribution for 2008? Quote Link to comment Share on other sites More sharing options...
imjulier Posted December 4, 2009 Report Share Posted December 4, 2009 It sounds like if the contribution was maxed out before that he has now over-contributed and needs to have some returned to him as taxable income. Quote Link to comment Share on other sites More sharing options...
LouD Posted December 4, 2009 Author Report Share Posted December 4, 2009 It sounds like if the contribution was maxed out before that he has now over-contributed and needs to have some returned to him as taxable income. Client double counted some expenses on the original return (which we are now backing out on the amendment), so now his business profit has increased, allowing him to increase the profit sharing portion of the solo-401k Quote Link to comment Share on other sites More sharing options...
imjulier Posted December 4, 2009 Report Share Posted December 4, 2009 Sorry- I was definitely thinking backwards....but it doesn't matter. See the link under my solo 401k question. The deadline to make contributions has passed since a tax return was filed instead of an extension. Quote Link to comment Share on other sites More sharing options...
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