Recharacterize Traditional IRA to SEP IRA

[rfahey]

I have a client who extended their 2006 tax return. They sent in a check to their traditional IRA on 4/20/07. No deduction was taked on the 2006 return. The 5498 showed it as a 2007 contribution.

I jyst found out that this contribution should have been made to a SEP IRA plan for 2006 and the CPA took a deduction for it on their 2006 tax return.

Their 2007 tax return is now on extension. Can I simply recharacterize this contribution as a SEP IRA contribution now ?

Thanks.

[Gary Lesser]

What was written on the check and/or the letter of instructions? SEP or IRA contribution? A traditional IRA contribution can not be recharcterized as a SEP contribution.