SEP contribution was incorrectly coded
I have a SEP IRA account. My contributions can be coded as SEP or IRA on form 5498. For tax year 2017 a coding error was made , my contribution was coded as a SEP and should have been coded as a IRA type. Can this be corrected?
Permalink Submitted by Alan - IRA critic on Thu, 2020-03-05 04:13
This is a risk of making a TIRA contribution to a SEP and not detecting the error in the same year. Custodian will now resist any action even if they were totally at fault. Was the contribution made in 2018 or 2017? Based on that answer, what is your status regarding eligibility for such SEP contribution for either 2016, 17, or 18? In other words, what happens if you amend your prior returns to report contributions per the 5498 coding? Has the IRS questioned your returns yet?