Lion EA Posted October 12, 2021 Report Share Posted October 12, 2021 Anyone have a link to a readable IRS Pub, Notice, something readable, that says the SEP contribution deadline for a SE person is extended if the Sch C/1040 was extended? Have a long-time client talking to a new employee at his long-time brokerage telling him that it's too late for a 2020 contribution. He makes monthly contributions but maxes out his SEP every year after we complete his returns. We wasted all today talking to her. Quote Link to comment Share on other sites More sharing options...
Lee B Posted October 12, 2021 Report Share Posted October 12, 2021 PUB 560 page 6 "Deadline for setting up a SEP. You can set up a SEP for any year as late as the due date (including extensions) of your income tax return for that year." 2 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted October 12, 2021 Author Report Share Posted October 12, 2021 Perfect. I thought I skimmed that, but not thoroughly enough. Thanx! Oh, wait a minute. He set up his SEP years ago, so "set up" is not the issue. What's the deadline for contributing to his already-existing SEP? Broker claims 15 April/17 May. I'm saying 15 October, but can't find anything that says contributions can be made through 15 October for extended returns. Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted October 12, 2021 Report Share Posted October 12, 2021 My Quickfinder handbook says that the date to establish plan and make contributions is the return due date, including extensions, for the year the plan is to be effective. I read that as making contributions even after the plan is established is good to the extended due date. Scroll down on this link https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps#contributions to When must I deposit.... it says including extensions. 2 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted October 12, 2021 Author Report Share Posted October 12, 2021 Thank you, everyone. Love argumentative broker assistants in October! 1 Quote Link to comment Share on other sites More sharing options...
Lee B Posted October 12, 2021 Report Share Posted October 12, 2021 Ah, an assistant. A brokerage should this clearly referenced. Ask the assistant for a copy of the brokerage guidelines. Although I remember an Investment Advisor for my bank who had never heard of a QCD. 1 Quote Link to comment Share on other sites More sharing options...
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