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SEPs and IRS reporting

Answered by: 

Question: 
Is there such a thing as a prior year SEP contribution?
Answer: 

Not really. Since SEPs can have contributions on tax due date plus extensions, we report them in the year that they get made. That way we do not have to correct 5498s that went out in May for contributions on August 15th.

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Learn more about Deborah Crawford’s IRA Year End Wrap Up webinar.

First published on 11/14/2021

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