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Helen

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Posts: 1
Reply with quote  #1 
My client's S-corp made an excess SEP contribution for 2014.  A request was made to return the excess amount prior to the due date of the return.  The money was returned in 2015.  A 1099-R was issued for 2015 for the excess contribution and a small amount of earnings.  This 1099-R was issued under the sole shareholder's SSN with codes 8, 1 and the entire amount was entered as taxable.  The sole shareholder refunded the excess contribution to the S-corp immediately upon receipt; he did not retain any of the funds personally.  I believe only the earnings would be taxable not the entire amount. 

Does anyone have any advice on this and how to record the return of the excess to the corp so that he is not taxed on the full amount?

Thank you.
ronwebber

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Posts: 5
Reply with quote  #2 
I have a S corp question not related to this one.  
But in 2013 Attorney formed an LLC for new client of mine that I have been catching up his prior 6 years of taxes for a small Metal Fab business.  
All is well except when the attorney set up the LLC he applied and got "S" designation.  He has been filing as a Sch C sole proprietor until 2013.  I filed the 2013 with the LLC EIN and treated it as a disregarded entity and use the same type sch c, for the business.  It was formed and approved as an "S" I am finding out now.  Aug 2013, without owners understandikng and my knowledge. 
He has not operated with payroll, distributions etc.  Until 2016 when I got him back on track.
Now, you know the question, What do I do for 2013?  2014, 2015 he had no payroll or employees some contract labor.  
Operating now with office staff, payroll, w/h distributions (not draws).  
Any suggestion about amending 2013.  I am dealing with local IRS investigator who really like what I have done and I got levy lifted from 2011 $68,000 IRS bill down to $12.30 failure to file.  I want to keep Mr. Mike at IRS looking good for his boss.  Thx for your kind consideration of this issue 
The above issue, sound taxable on contribution and earnings, but not necessarily after all the facts are clarified.




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Ron Webber
Bottom Line Taxes
Savannah, GA
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Posts: 3
Reply with quote  #3 
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