stolen SEP IRA contribution
Client just learned they are a victim of identity theft. As a result, their SEP IRA contribution was never received/processed by us.
They are not on tax filing extension.
Would the IRS accept (and should our custodian accept) them simply writing another check (as of today) for the SEP IRA contribution with the check dated no later than 4/18/23?
Permalink Submitted by Alan - IRA critic on Tue, 2023-05-09 18:05
The custodian does not assign the tax year for SEP distributions. Each distribution is reported on Form 5498 for the year IN WHICH it is made. However, the client could not report a contribution made now as a 2022 contribution, so it would have to be a 2023 contribution. There is no IRS ID theft exception, but if the client lives in a IRS designated natural disaster location, the 2022 contribution date may have been extended.