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This is a question for Tax Professional only... ... Does a…

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This is a question for Tax Professional Barbara only...Hi Barbara ... Does a SEP have to be opened before 4/17 if we are filing for an extension and won't know the amount we want to contribute until after the 17th? Thanks!
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Customer reply replied 3 months ago
I mean to be able to benefit from the SEP for tax year 2017.
Answered in 5 minutes by:
3/27/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,415
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Thank you for requesting me.

If you file for an extension, the due date goes from April 17, 2018 to October 17, 2018.

Please let me know if I can assist you further.

Best regards,

Barb

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To open/contribute to the SEP.

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Customer reply replied 3 months ago
Thank you ... So to clarify, traditional IRA max is $3500. per person and must be opened and contributed to by 4/17/18, but SEP doesn't have to be opened or contributed to until 10/17/18? Can both be opened and contributed to by the same person?

The deadline is usually the tax filing deadline (April 17, 2018), but gets extended if you file for an extension to 10/17/2018.

For 2018, your total contributions to all of your traditional IRAs cannot be more than:

  • $5,500 ($6,500 if you’re age 50 or older), or
  • your taxable compensation for the year, if your compensation was less than this dollar limit.

You can contribute to a SEP IRA and a traditional IRA in the same tax year.

The following IRS link contains great information:

https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps-contributions

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Customer reply replied 3 months ago
Thank you... When you say total, do you mean total per individual or individual and spouse? Also, the SEP can be opened and contributed to anytime before 10/17/18? I thought the traditional IRA had to be opened and contributed to by 4/17 regardless of the extension?

My pleasure.

The deadline for the traditional IRA is 4/17/18. The deadline for the SEP is 10/17/18 if you file an extension.

The total is per individual provided the requirements are met.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,415
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Customer reply replied 3 months ago
Thank you Barbara!:)

You're very welcome!

Once again, thank YOU for the positive rating and VERY GENEROUS BONUS! I appreciate both!

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