SEP IRA contributions
Have client who forgot to send in his $9500 for his SEP IRA 2023 contribution by 4-15-24. His CPA already completed his taxes with the contribution and sent to IRS April 15th.
Can he still send in his 2023 contribution for his SEP IRA up to Oct 15th even though he didn’t file an extension?
or…
Does his CPA have to do an amended tax return without the SEP contribution?
Is there anything he can do?
Thank you
Douglas
Permalink Submitted by Alan - IRA critic on Fri, 2024-05-17 19:10
Because no extension was filed by 4/15, he cannot make a 2023 contribution and his return must be amended to eliminate the deduction.
But if he will generate enough net earnings for SE in 2024 he does not have to remove the SEP contribution as an excess contribution. He can apply it as his 2024 SEP contribution.