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Subject:  Re: (SEP)IRA - Reporting Year of Contribution Date:  2/26/2001  3:24 PM
Author:  ptsurmr Number:  47217 of 127749

krkistler writes:
I got the same story from my broker (Schwab), (they even sent me a special pamphlet to explain the situation) Apparently, the IRS reporting rules are different for SEP-IRAs. They report the year in which the contributions are made. Just keep your own records straight and you should be fine. (or am I being overly optimistic?)

krkistler, thanks for letting me know I am not alone. As a matter of fact, the broker rep (IRA specialist) I spoke with over the phone mentioned that he gets asked this question 25 times a week!

I have no real problem with keeping my records straight. I would prefer the custodian report my contributions as I have requested. However if the IRS allows them to report my contributions as the custodian suggests, and simultaneously allows me to report my contributions for the year I intend, then I suppose this is ok.

The big question I have is: If the custodian is correct, and they and I can each report the contributions for different years, how does the IRS reconcile these numbers? Do they even try?

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