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I made a SEP contribution in 2017 that our accountant said…

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Hello Pearl, Accountant's Assistant:...

Hello Pearl,

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I made a SEP contribution in 2017 that our accountant said we should make but we had a big write off with the sale of a property that we took a loss on. We found out later that we didn't need to make a SEP construction because of the big property loss. We paid that SEP in 2017 can we apply it to 2018?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Not sure

Submitted: 21 days ago.Category: Tax
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Answered in 24 minutes by:
4/2/2018
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 21 days ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
Experience: Business Consultant/Accounting Manager
Verified

Hi. Great Question. Not usually. However, if you made it by the April 15 or October 15 2017 (if an extension was filed) due date, you should be able to apply it to the 2016 year.

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 21 days ago

Let me know if this helps and if you have any questions. Thank you.

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ABC Accounting Group
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
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