can you contribute to sep for 2019 in 2020
a. Does a sep-ira have to be established in 2019 in order to fund prior to april 15th of 2020?
b. can you establish a sep ira in 2020 prior to april 15th, 2020 and contribute for 2019?
Thank you,
douglas
a. Does a sep-ira have to be established in 2019 in order to fund prior to april 15th of 2020?
b. can you establish a sep ira in 2020 prior to april 15th, 2020 and contribute for 2019?
Thank you,
douglas
Permalink Submitted by Alan - IRA critic on Tue, 2019-12-24 20:06
No, it can be established as late as the due date plus extensions. Many small business owners file an extension so they can open the SEP for 2019 as late as 10/15/2020. Starting for the 2020 plan year, this expanded deadline will apply to other employer funded plans, such as solo 401ks.