Hi! My business was formed in March of 2020, and we achieved S Corp LLC tax status for the 2021 tax year (we did not register as an LLC for the 2020 tax year).
My question concerns SEP-IRA contributions and how they relate to S Corp status. I recently deposited $10,000 into my SEP-IRA for the 2020 tax year and $10,000 for the 2021 tax year. What does that mean for my 2020 (purely self-employed) taxes? Is there a way to get some kind of tax refund? What does it mean for the 2021 S Corp taxes?
Thanks so much for your help!
