SEP IRA filed by custodian for wrong year
The SEP-IRA for tax year 2016 was filed by custodian for 2017. Now they say that they are unable to change it. although money was put in prior to the tax deadline. I have filed it as contribution for 2016 to IRS.
Another problem is that I have to maximize the SEP-IRA this year and because of misfiling the software does not allow me to do the full amount. What are my options?
Permalink Submitted by Alan - IRA critic on Wed, 2018-05-02 03:45
A SEP contribution is applied to a given year by the SEP owner, not by the IRA custodian. An IRA custodian must report all SEP contributions made in 2017 on a 2017 5498. The SEP owner can still apply the contribution to 2016 and the SEP custodian has correctly reported it.