Expert: Allen - 4/24/2010

Question
I recently received a Excessive contribution check from my employer.  I was only allowed to contribute 3k into the 401 k plan.  Can I set up an IRA with the Excessive contribution so I can grow my money tax deferred ?  How would I do that for 2009 inwhich I received the money and would I have to file an ammeded tax return for 2009 ?

Thanks

Answer
Unfortunately it is too late to contribute to an IRA for 2009. Contributions had to be deposited by 4/15/10. Even if you had looked into this before that date, you could only make a tax deductible contribution if your income was below a certain amount and it is likely that you made too much money to do this.