SEP contribution deadline postmark question

Submitted by chris erickson on Mon, 2020-07-13 20:17

Hi,
I’m mailing a check to my custodian tomorrow July 14 for deposit in my SEP IRA. I realize that custodians don’t “code” SEP contributions based on tax year. However, I heard that SEP contributions are unique in that the money has to be in the account before the tax filing deadline, not just postmarked by the tax filing deadline. Other articles on the internet say that a postmark by July 15 in this case is just fine. Have I been misinformed all along?
Thank you!
Chris



Submitted by David Mertz on Mon, 2020-07-13 21:22

Just request a filing extension by July 15, 2020 and you’ll have until October 15, 2020 to make the SEP contribution.  The request for filing extension can be e-filed.

Submitted by chris erickson on Mon, 2020-07-13 21:44

Sorry but I already filed, so too late for an extension.  Soin my case does it have to be in the account by July 15 or just postmarked by then?  Thanks again.

Submitted by Alan - IRA critic on Mon, 2020-07-13 22:08

Depends on the SEP custodian. They can use the postmark rules and most do, but are not required to.

Submitted by chris erickson on Mon, 2020-07-13 22:25

Thank you!

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