Permalink Submitted by Alan - IRA critic on Fri, 2021-02-26 18:50
There was no question posted. Yes, the 5498 Inst require the custodian to report SEP contributions for the year they are made, regardless of which year they applied to. This likely makes it more difficult for the IRS to match tax return deductions to the 5498 contribution info, but they should have adapted in some form by now.
Permalink Submitted by Alan - IRA critic on Fri, 2021-02-26 18:50
There was no question posted. Yes, the 5498 Inst require the custodian to report SEP contributions for the year they are made, regardless of which year they applied to. This likely makes it more difficult for the IRS to match tax return deductions to the 5498 contribution info, but they should have adapted in some form by now.