Solo-401 contribution for amended return

[LouD]

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?

[imjulier]

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.

[LouD]

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

[imjulier]

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.