Level 15

Retirement tax questions

For SEP contributions, it's the responsibility of the employer (or self-employed individual), not the IRA custodian, to track the year for which contributions are made;  the Form 5498 prepared by the custodian only reports the year *in* which the contribution was made, not the year *for* which the contribution was made.  Just make sure that the custodian knows its a SEP contribution (for a contribution to an account that was established as a SEP-IRA, the custodian will designated as a SEP contribution by default) so that it appears on the Form 5498 as a SEP contribution.