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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 2309
Experience:  Certified Public Accountant
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We are preparing our 2015 tax return (after requesting

Customer Question

We are preparing our 2015 tax return (after requesting extension). Husband & I both self employed, have SEP IRAs. Just discovered husband's 2014 contribution (made April 10, 2015) was applied to 2015 instead of 2014. What recourse do we have at this point? SEP is held at Fidelity.
Submitted: 1 year ago.
Category: Finance
Expert:  Mark Taylor replied 1 year ago.

Hi, my name is Mark. I will be happy to help you with your question. Did you Husband want to make a SEP Contribution for 2015? You would have up until October 15th to make a contribution.

Expert:  Mark Taylor replied 1 year ago.

If your husband does not want to make a contribution for 2015 (providing that you meet the income restriction) you could contact Fidelity to have them correct the form and have the contribution applied to 2015.

Customer: replied 1 year ago.
we will be making a contribution for 2015 and understand we have until 10/15 to do it.This is regarding the contribution for 2014, that Fidelity applied to 2015 in error. It was physically made in 2015, but was supposed to apply to 2014 tax year, as our 2014 return included as a deduction. We will contact Fidelity to see if they can re-allocate it.
Expert:  Mark Taylor replied 1 year ago.

That happens from time to time. It is an easy fix. Fidelity would need to correct the reporting of the contribution to 2014. A corrected form would need to be submitted to the IRS. Please let me know if you have any questions.

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