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In this case, the claimed contribution was in connection
with petitioner’s self-employed activity. Thus, the last day of
the business year for that activity was December 31, 2001.
Petitioners, therefore, were required to make their SIMPLE
contribution on or before January 31, 2002. The evidence
presented by petitioners at trial, which came from Northwestern
Mutual Life Insurance Co., the trustee for the trust, shows that
the $6,788 payment by petitioners was received on April 25, 2002,
and “Payment Processed on 04/26/2002”. That payment, which
includes the $5,221 at issue, was not a timely contribution for
the year 2001 as a SIMPLE IRA contribution. Respondent,
therefore, is sustained.
Reviewed and adopted as the report of the Small Tax Case
Division.
Decision will be entered
for respondent.
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Last modified: May 25, 2011