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SEP IRA - contribution classification


Guest br6k
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What happens if (intended) employer contribution to SEP IRA account was listed by broker as "Regular Contribution Tax Year 14" (appears to be a mistake on their part)? The account is set up for a sole proprietorship. Previous years contributions were correctly listed as "SEP Employer Contribution".

Can I simply indicate this amount as employer contribution on 2014 tax return? Or should I get the brokerage to reclassify it correctly?

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  • 2 weeks later...

I would have them make the adjustment. Otherwise, the client may receive a 5498 with incorrect information, which could create complications with the IRS

Life and Death Planning for Retirement Benefits by Natalie B. Choate
https://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/

www.DeniseAppleby.com

 

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