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Author: reallyalldone Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120800  
Subject: SEP contribution timing ? Date: 3/28/2008 1:44 PM
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Is this still true ?
http://boards.fool.com/Message.asp?mid=23928517

I'm sending an extension form and payment for what is owed but that assumes the SEP contribution. Does this change anything on the timing of the contribution ?

thanks
rad
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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 99852 of 120800
Subject: Re: SEP contribution timing ? Date: 3/28/2008 1:49 PM
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Is this still true ?
http://boards.fool.com/Message.asp?mid=23928517


Yes. See Pub 560.

I'm sending an extension form and payment for what is owed but that assumes the SEP contribution. Does this change anything on the timing of the contribution ?

No.

Succinct Answer Central

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Author: reallyalldone Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 99853 of 120800
Subject: Re: SEP contribution timing ? Date: 3/28/2008 1:58 PM
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Thanks

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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 99864 of 120800
Subject: Re: SEP contribution timing ? Date: 3/28/2008 9:09 PM
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Is this still true ?
http://boards.fool.com/Message.asp?mid=23928517

I'm sending an extension form and payment for what is owed but that assumes the SEP contribution. Does this change anything on the timing of the contribution ?


Yes, it's still true. For the newcomers here, the referenced post discusses the timing deadlines for IRA and SEP-IRA contributions. IRA (traditional or Roth) contributions must be made by 4/15 (or sometimes 4/16-4/18). SEP-IRA contributions (the employer-side contribution) must be made before the return is filed including extensions. The extra time is necessary because often the reason for the filing extension is that the business income hasn't been determined yet.

Ira

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Author: SABOB Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 99907 of 120800
Subject: Re: SEP contribution timing ? Date: 3/31/2008 8:54 AM
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I'd like to follow this up with a related question.

I filed Federal return 3/5/08 and it lists SEP contribution of $2000 for tax year 2007. Since I filed, I have had an unexpected influx of some money that would allow me to fund the SEP to the max for 2007 by making an additional contribution.

Posts on this thread refer to making contributions "before filing." My question is whether this really means the filing deadline or actual filing of a return? If it means April 15, can I make my additional contribution for 2007 and file an amended return?

Thank you.

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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 99908 of 120800
Subject: Re: SEP contribution timing ? Date: 3/31/2008 9:06 AM
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I filed Federal return 3/5/08 and it lists SEP contribution of $2000 for tax year 2007. Since I filed, I have had an unexpected influx of some money that would allow me to fund the SEP to the max for 2007 by making an additional contribution.

Posts on this thread refer to making contributions "before filing." My question is whether this really means the filing deadline or actual filing of a return? If it means April 15, can I make my additional contribution for 2007 and file an amended return?


Yes. The issue is the due date, not the actual return filing. The potential problem is trying to make a contribution after April 15 without actually securing an extension to file.

Phil

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Author: SABOB Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 99910 of 120800
Subject: Re: SEP contribution timing ? Date: 3/31/2008 12:49 PM
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Good news! Thank you.

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