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I am amending my client's 2016 1120S to include $3,850 as a
Hi, I am amending my client's 2016 1120S to include $3,850 as a SEP-IRA contribution on Line 17. My question is how do I adjust the balance sheet? … read more
Alexander Efros
Alexander Efros
Financial Planner/Tax Specialist
Masters of Business Administration (MBA)
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If you did not put yourself on payroll in 2017, but took out
If you did not put yourself on payroll in 2017, but took out some distributions, could you still set up SEP IRA for 2017? Or do you have to put yourself on payroll to be eligible for SEP IRA? … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I took out a SEP in 2017 for $25,000, and just now learned
I took out a SEP in 2017 for $25,000, and just now learned that I didn't qualify for the SEP because I didn't also offer one to my one employee. How can I fix this? … read more
Lane
Lane
JD, MBA, CFP, CRPS
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The IRS extended the deadline to midnight tonight. Does that
The IRS extended the deadline to midnight tonight.Does that extend the deadline to invest in an IRA for 2017 tax purposes? My financial planner forgot to deposit my check into the IRA yesterday.… read more
James Daloisio
James Daloisio
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Can i file a SEP if i am married filing separate from my
Can i file a SEP if i am married filing separate from my husband. I am self employed. also, i have filed an extension for 2017, do i have to open the SEP by April 17 or October 15? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
Lev, Could you please recalculate our max contribution in
Lev, Could you please recalculate our max contribution in 2017 to our SEP IRA and Profit Sharing 401k when Sched C line 30 shows $60,007 ? Also, can we pay into an HSA today for the 2017 tax year? Ple… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
For individual return 2017, I have filed extension. today
for individual return 2017, I have filed extension. today 4/7/2018 I am using Turbox tax filing tax return. I have balance due. Does that mean I can pay balance from today until extension date WITHOUT… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
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I'm confused about self-employed SEP-IRA contribution
i'm confused about self-employed SEP-IRA contribution deadlines. If a self-employed person wants to contribute to his SEP-IRA, if he files a 2017 extension can he make the contribution by the extended… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
We are both over 60, working. My spouse was self employed
We are both over 60, working. My spouse was self employed for a local company as a consultant from Jan 1, 2017 to 11/30/2017, then hired 12/1/2017 as a full time employee. I work as a Federal employee… read more
Barbara
Barbara
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I am filing an extension for an S-Corp for Federal and NJ.
I am filing an extension for an S-Corp for Federal and NJ. The NJ tax payment for S-Corps is not due until 4/17 even though the returns are due on 3/15. I would think it is OK to file the extensions n… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
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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
Lev
Lev
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Bachelor's Degree Equivalent
30,490 satisfied customers
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
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
WE have a 9-30-14 year end so filing a 2013 tax return. We
WE have a 9-30-14 year end so filing a 2013 tax return. We have tax due so we want to contribute to a SEP. We have already filed our taxes. Can we file an amended tax return and fund the SEP? I know t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
HI, I have a couple s corporations and a couple sole proprietorsips.
HI, I have a couple s corporations and a couple sole proprietorsips. My adjusted gross income was $160,000 for tax year 2011 for both s corps and both sole proprietor businesses. I would like to put a… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
Facts: Self-employed person over 50 wont know how much he
Facts: Self-employed person over 50 won't know how much he can contribute to his IRA/SEP in 2011, but estimates it will be from $5,000 to $7,500, and goes ahead and contributes $2,500. Can he go ahead… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
Self employed individual contributed $5,000 to SEP IRA in 2010.
Self employed individual contributed $5,000 to SEP IRA in 2010. Did not have any self-employment income in 2010. Since $5,000 is now an excess contribution, which tax form is used to report and calcul… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
Hello, Our CPA recommends we contribute $15,000 to our SEP
Hello, Our CPA recommends we contribute $15,000 to our SEP IRA before April 15th to lower our tax payment. If we file an extension with the IRS, will we have more time to make the IRA contribution or … read more
JKCPA
JKCPA
Certified Public Accountant (CPA)
Bachelor's Degree
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