Hurricane Milton Federal Disaster
My client lives in SD His CPA’s place of business is in Pensacola FL ( Escambia County ).. one of the FL counties as part of the Hurricane Milton Federal Disaster. Client has a Schedule C ( Sole Proprietor ) and contributes to his SEP to the maximum. Due date for SEP contributions is due date of return including all extensions. Hurricane Milton Disaster relief extends his 2023 Form 1040 to May 3, 2025 because his tax preparer is in one of the affected counties. My question is Does he have until May3, 2025 to make his final SEP contribution for the 2023 tax year ? I believe the answer is yes, but you are the experts and I thank you for your response. Thank you Patrick Lanza
Permalink Submitted by Alan - IRA critic on Tue, 2024-10-15 10:55
Yes, the SEP contribution disaster deadline for a 2023 contribution is 5/1/2025 (not 5/3). However, there is no relief for 2023 tax payments, so hopefully the client made a good estimate and paid by 4/15/2024 with the timely extension, even though client will not know the max SEP contribution amount until the 2023 return is prepared.