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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
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Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Can a 1040 taxpayer on extension (10/15) with a defined benefit

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Can a 1040 taxpayer on extension (10/15) with a defined benefit plan file 1040 and claim deduction (line 28) before payment made?

MyVirtualCPA :

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MyVirtualCPA :

Unfortunately, a taxpayer cannot claim a deduction for line 28 before the payment is made

MyVirtualCPA :

A cash basis taxpayer can only deduct expenses that they have paid during the tax year. So, if no DB contribution has been made, then there is no corresponding deduction

MyVirtualCPA :

the due date of the contribution is the date of extensions. You can prepare your return as if you made the contribution, then send it in once your contribution has been made

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Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16544
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I see you were having problems in chat, I am sorry for the problem if you can not see my answer please let me know and I can repost it for you.

Thank you.
As long as the extension has been properly filed, the return can be filed before the contribution is deposited (the same rule applies without an extension – you have up until the original due date to make the contribution even if the return was filed before the deadline).http://mandmarblestone.wordpress.com/2011/04/05/retirement-plan-contribution-funding-deadlines-and-tax-deductions/
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