Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Phil graciously provides:
New broker is a yutz. While searching for a competent trustee to move your accounts to, see if you can get them to fix it. I hope your designations were in writing, in which case you can report your contributions for the appropriate year, but you can expect IRS to inquire why your return differs from your custodian's reporting.

Thanks for the info Phil. I will work on getting them to fix it, but without a specific IRS form/pub reference I think I stand little chance. As I type this post, I am also downloading Form 5498. This is the form the trustee's rep quoted when I asked for reference supporting their reporting position. If you know of a specific form/pub that will help me support my case, I sure would appreciate your insight.

Yes, I did put my request in writing. However it was just a hand-written "sticky" note included with the contribution. No photocopy ;(

I DID write "Tax Year 2000 SEP contribution" in the memo field of the check. Is this sufficient?

In any event, I would just as soon not have the IRS inquire. Not that I have anything to hide, rather I just do not really have the time to address unnecessary inquiries (along with the usual required paperwork).

If it comes to it, how is this for a real kludge. Note: I have not yet filed my year 2000 return.

I go ahead and record my contribution to the new broker as a year 2001 contribution (seems like they give me no other choice). I then open a new SEP with my original broker (the one I know can record the contribution properly) and send them a check for the balance of my 2000 SEP contribution. If I decide to stay with the yutz, I can roll the new SEP into the yutz' SEP. If I decide to can the yutz, I roll the yutz' SEP into the new SEP.

Other than being a PITA, does this kludge sound kosher?

Thanks again,
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.