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Subject:  Overcontribution to Simple IRA Date:  4/30/1999  5:44 PM
Author:  MiteEMouse Number:  10258 of 78166

A friend has asked me for advice about the following situation. He has a Simple IRA with Schwab through an S-Corporation. The maximum contribution per year is $6000, which he had already contributed for 1999. Two months ago, Schwab accidentally transferred an *additional* $6000 (from nowhere) to the personal part of the account (leaving a negative $6000 balance in the company account). He invested that extra money in some stocks.

Schwab has now apparently corrected the