ombskid Posted April 12, 2016 Share Posted April 12, 2016 Sole proprietor wants to file for an extension on his 1040, giving him until 10/15 to make his SEP contribution, but wants to actually file his 1040 before the extension is up and before he funds the SEP. I believe this is ok in the case of a qualified plan. OK in a SEP too? Link to comment Share on other sites More sharing options...
Lou S. Posted April 12, 2016 Share Posted April 12, 2016 I think you are OK as long as you don't file before the non extended tax deadline which invalidates the extension. Link to comment Share on other sites More sharing options...
Belgarath Posted April 12, 2016 Share Posted April 12, 2016 Hi Lou - do you have a cite/reference for that? Don't know as I've ever seen that specific situation come up, but I wouldn't, off the cuff, have said that filing before the original non-extended deadline invalidates the extension. I'm sure I'm probably wrong on that... Thanks. Link to comment Share on other sites More sharing options...
Bird Posted April 13, 2016 Share Posted April 13, 2016 Hi Lou - do you have a cite/reference for that? Don't know as I've ever seen that specific situation come up, but I wouldn't, off the cuff, have said that filing before the original non-extended deadline invalidates the extension. I'm sure I'm probably wrong on that... Thanks. I am positive I have seen that here, and whomever posted it had a convincing argument so I believed it (that filing on time invalidated an extension). But, while poking around trying to confirm that, I found this bottom of page 2 says: An application for extension that meets these four requirements in valid, even if the return is filed on or before the original due date of the return. That is, the application for extension is not invalidated under the regulations merely because the extension ultimately proved to be unnecessary. I don't claim any expertise but this is convincing. It was more about taxes and penalties than contributions, so maybe that makes a difference, but I don't see why. And frankly, it is very, very difficult to imagine a scenario where you show the IRS an extension and they say "oh no, you filed on time" (finger wagging). Ed Snyder Link to comment Share on other sites More sharing options...
Belgarath Posted April 13, 2016 Share Posted April 13, 2016 Thanks Bird. Good enough for me. Of course, since this precise situation has not (to my memory) come up in 30 years, it seems unlikely to be problem one way or the other... Link to comment Share on other sites More sharing options...
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