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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15182
Experience:  15years with H & R Block. Divisional leader, Instructor
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I would like to make a contribution to a SEP IRA for 2016.

Customer Question

I would like to make a contribution to a SEP IRA for 2016. My understanding is that I have until April 15, 2017 to do so. Is that correct? Second, I withdrew $5000.00 from a SEP IRA today, 1/4/2017. Will that effect my 2016 contribution. From all I can understand, not. Help.
Submitted: 5 months ago.
Category: Tax
Expert:  Robin D. replied 5 months ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Expert:  Robin D. replied 5 months ago.

You are correct, you must deposit contributions for a year by the due date (including extensions) for filing your federal income tax return for the year. If you obtain an extension for filing your tax return, you have until the end of that extension period to deposit the contribution, regardless of when you actually file the return.

Distributions do not effect the contribution.

Expert:  Robin D. replied 5 months ago.

If you rate in a positive way (look for the STARS or SMILEY FACES) I am credited with responding. It adds nothing to your costs but it assists me.