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Excess sep contribution; s/e individual (no employees) in
excess sep contribution; s/e individual (no employees) in 2017. the contribution was for the 2016 return. Correct amount was deducted. Wondering how to get the excess contribution out of the account a… read more
Bill
Bill
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I'm researching a tax issue for a client. She has several
I'm researching a tax issue for a client. She has several LLC's taxed as partnerships for tax year 2015. In one partnership, she has no self employed income, but does have approx $25,000 in rental inc… read more
Lev
Lev
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If you're self-employed and contribute to a SEP IRA above
If you're self-employed and contribute to a SEP IRA above the limit, with contributions all made in 2016, where do you indicate the non-deducible excess amount on your 2016 return (1040)? And what's t… read more
Lev
Lev
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2016 retirement contributions Husband gross W-2 $190k,
2016 retirement contributions Husband gross W-2 $190k, covered by 403b Wife $10k net from schedule C; no W-2 What are our options for contributions? IRA SEP Can we choose Roth or not for each/either? … read more
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Lev
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SEP IRA question: If I make a contribution to my SEP IRA in
SEP IRA question: If I make a contribution to my SEP IRA in February 2017 to apply to 2016, but my contribution is over the calculated limit based on my self-employed profit... can I just leave the ex… read more
Lev
Lev
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Recharacterize Roth ira question. Until 2013 I was doing
Recharacterize Roth ira question. Until 2013 I was doing Roth IRA contributions. For tax year 2014 I have opened SEP IRA as I was on 1099. For tax year 2015 I opened non-deductible traditional IRA in … read more
Lev
Lev
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What can happen if I contribute too much to my IRA?
What happens if I contribute too much to my IRA in a tax year? Let's say the max I can contribute is $3,250, but I contribute $3,500 instead – is there a penalty? Does my IRA become fully taxable? I h… read more
Robin D.
Robin D.
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I'm a sole proprietor filing schedule C. Two questions
I'm a sole proprietor filing schedule C. Two questions regarding the Sep IRA I have set up: 1) When is the last day I can contribute. Is is 4/15/2017? 2) Let's say I earn $60K with $10K expenses, so $… read more
Barbara
Barbara
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A sole proprietor contributed excess SEP contribution on
A sole proprietor contributed excess SEP contribution on April 18, 2016 towards his 2015 contribution. He is amending the tax return to reflect the correct amount of SEP contribution. How does he with… read more
Lev
Lev
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In 2014 my tax form was correct in amount that I claimed for
In 2014 my tax form was correct in amount that I claimed for my SEP IRA contribution of $13,600 but I ended up sending $20,000 tot he fund. How do I correct his. For 2015 tax year UI am eligible to co… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I am self-employed with a SEP-IRA. This past year I contributed
I am self-employed with a SEP-IRA. This past year I contributed $25,500 to it only to learn I was only allowed to contribute $20,143, an excess of $5,357. (On my 1040, I only deducted the $20,143 amou… read more
Tax.appeal.168
Tax.appeal.168
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I am self employed and set up a SEP account at TIAA-Cref. I made an excess contribution t
I am self employed and set up a SEP account at TIAA-Cref. I made an excess contribution to my SEP account in 2012 in the amount of $5500. I paid taxes on that amount. How do I withdraw the funds and w… read more
Megan C
Megan C
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Bill, I am self-employed sole proprietor and just discovered
Bill, I am self-employed sole proprietor and just discovered that I made an excess contribution of $13,332 to my 2012 SEP/IRA. To late to remove it without penalty. Can I keep the excess in the SEP ac… read more
Bill
Bill
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filling out form 5330 for overpayment of SEP -IRA contributions
filling out form 5330 for overpayment of SEP -IRA contributions by SCorp in 2010 and 2011. Do I need to put in both the EIN of the scorp AND the SS# XXXXX the Sep-Ira holder on the form?… read more
R. Klein, EA
R. Klein, EA
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Hi Steve; How many years can you carryforward a SEP contribution
Hi Steve; How many years can you "carryforward" a SEP contribution? Can it be "carryforwarded" indefinately until it is used up (as net profit by year allows? I have been told by other CPAs that typic… read more
Stephen G.
Stephen G.
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A self employed person contributed too much to his SEP for
A self employed person contributed too much to his SEP for 2009. I believe taxpayer must amend 2009 reflecting the proper maximum deduction of 25%. The excess doesn't have to be withdrawn, but can be … read more
Bill
Bill
Master's Degree
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Im married and filing jointly. Both me and my spouse made
I'm married and filing jointly. Both me and my spouse made the maximum traditional IRA contribution. In 2008, our MAGI high enough that if either spouse participated in an employer retirement plan no … read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
We overpaid on our SEP in 08 and have left the overpayment
We overpaid on our SEP in '08 and have left the overpayment in there. Hence, do I show the allowed amount of deduction on line 28, pag 1 of 1040 and the overage on form 5330 and pay the excise tax? (s… read more
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