SEP mis reported
A person made a 15k contribution to a SEP and filed an amended return thinking it was only 10k. It actually was right so he didn’t get credit for the extra 5k and was made on 4-15-23. It seems like he could just claim and extra 5k for 23 taxes but somebody said you might have to amend your amended return. Thank you in advance for an answer because calling IRS wasn’t helpful.
Permalink Submitted by Alan - IRA critic on Mon, 2024-01-22 22:45
The 2023 contribution of 15k was intended to be a 2022 SEP contribution. The person could either amend the amended return for 2022 to claim the 15k SEP deduction or could instead treat the other 5k as part of the 2023 contribution without amending 2022 again. Of course, the latter option results in a loss of 5k of SEP contribution space and at least 5k of 2023 SEP space would be required.