Open a 2008 SEP IRA with Amended Tax Return?
If a client has already filed his taxes for 2008, but is still within the theoretical October 15 deadline, can that client open the SEP IRA (assuming all other conditions are met for proper opening and contribution) by October 15, and amend the return? I assume that an extension would have had to have been filed to at least even have a shot at this, right? Thanks for any insight anyone has….
Permalink Submitted by mk foss on Sat, 2009-09-12 00:15
If someone has an extension of time to file the return, it extends the SEP due date to the extension date. So, you could file an extension April 15, file the return April 30 and use the refund from the return to fund a SEP in July for example.
If no extension was filed, an individual had until April 15 to fund a SEP. It’s possible if they extended the return, to amend it to report the SEP contribution that is made by October 15, the extended due date.