I won’t get to much into the details but we been asking people (including the IRS) if this is possible and we have been getting a lot of different responses. We will get a legal ruling from the IRS in 15 days but I thought I would see what people here thought.
Can we set up a profit sharing plan for 2006 even though there is already a Simple IRA in place that has been contributed to for 2006?
We would like to contribute more money than the Simple IRA allows and we want to make sure we are not doing anything that is dodgey or could send up red flags to the IRS. Any other ideas?
Thanks,
guppy