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Business & farm
A SEP IRA is funded by employer (business) only contributions and is only a deduction to the business. It does not create a taxable event until the IRA is distributed to its owners.
The information @ThomasM125 posted is correct and the only way to properly report the contribution from an S-Corp to a SEP IRA. See SEP Plan FAQs for more information.
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‎April 6, 2023
7:10 AM