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Financial Planning / Tax Strategies
|Subject: Re: (SEP)IRA - Reporting Year of Contribution||Date: 2/27/2001 11:51 AM|
|Author: ptsurmr||Number: 47323 of 122647|
Live and learn. Yes, I think you're reading it correctly (and I was reading it incorrectly). You'll find the specific instruction to the trustee on page R-11 of this document: http://ftp.fedworld.gov/pub/irs-pdf/i1099r00.pdf
Since you noted the year on your check and will properly report your contribution on line 29 of your year 2000 1040, I don't see anything else you can do. There's no doubt that the 5498 doesn't determine the year for which the contribution was made, so you should be just fine.
I'm not going to say this won't result in an IRS inquiry down the road. On the other hand, IRS may realize that absolutely accurate reporting by the trustee may not be possible since the 5498 for contributions has to be issued in May but SEP contributions can be made through the extended due date of your return, IIRC.
Sorry to have added to the confusion.
Phil, I think you hit the nail on the head in the bolded part above. The trustee rep indicated that the reporting requirements may have been changed (recently?) because it become too onerous of a burden for them to file ammended reports when SEP contributions came trickling in around June - Oct, as folks filed extensions and made contributions.
BTW and FYI: I have the utmost respect for your opinion. As a matter of fact, it was your opinion that spurred me to prompt action in downloading the f5498. Furthermore, your subsequent confirmation of my subsequent understanding is worth far more than I paid for it. Thank you for all you do here!
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