SEP contribution after S Corp has filed tax return

[waid10]

The sole shareholder of an S corp wants to set up a SEP to cover himself and his one employee. However, the S corp has already filed its tax return for the year.

If he has the S corp make an employer contribution to the SEP, is there any way that the S corp can still take a deduction for the year?

Could the sole shareholder take the deduction on his personal return? Seems to be that this wouldn't be permitted.

[Gary Lesser]

Assuming the corporate return was not on extension, the SEP would had to have been established and funded by March 15. The deduction can only be claimed on the on the corporate return (and must be made by the extended due date, even if return claiming deduction filed sooner).

[Guest amfam2]

Gary - very dumb question:

The due date for making contributions is the tax return due date, plus extensions.

Does the entity (sole proprietor, partnership, corporation) actually have had to file for an extension in order to make the contribution after the tax return due date but before the extended return due date?

[Appleby]

Hey amfam2- the only dumb question is the one not asked.

Yes. If no extension was filed, then contributions must be made by the tax return due date to be deductible.