Do I need to report my SEP IRA contribution to the IRS?

[jayd65]

I am a self employed individual (not incorporated -- I do not have an employer and have no other income than from self employment) and I set up a SEP IRA many years ago.  When I do my taxes with TurboTax, I am told by the software how much I can contribute to it, and I just send a check to my custodian.  This year, I did the deposit to my custodian online and it did not give me an option to pick 2022 as the year for which I have claimed a deduction on my 2022 taxes and simply listed as a contribution in 2023. 

1. Am I supposed to do anything more like sending another form to the IRS?  My taxes have already been filed and I have received my refund.
2. I also learned this year that my custodian does not report these contributions to the IRS.  Other than filing taxes, is there anything else that an individual like me must do?

[JulieS]

No, you don't have to amend your tax return. Because this is a SEP-IRA contribution, you as the employer, are the one responsible for reporting the year, to which your contribution applies. 

I am not sure why your custodian would tell you that they don't report the contributions to the IRS, because they are required by law to do so by filing a Form 5498 each year. They do not report the tax year to which your contribution applies.

You can designate your contributions made between January 1 and October 16, 2023 (the extended due date of your tax return) to 2022. @jayd65 

[Edited 04/05/22 | 4:32 PST}

[dmertz · Accepted solution]

The employer (you) not the financial institution is the one responsible for tracking the year for which a SEP contribution is made.  The financial institution only tracks the year in which a SEP contribution is made, not the year for which the contribution is made.  If you want your SEP contribution that you deposited sometime between January 1, 2022 and April 18, 2023 to be your SEP contribution for 2022, you simply report it on your 2022 tax return and not on your 2023 tax return.  You seem to be saying that you have already done this, so everything is fine.

(JulieS's answer is incorrect because it indicates that the financial institution is needs to know the year for which the contribution is made.  The financial institution does not need to know this, nor would they do anything with that information if you gave it to them.  The need to know the year for which an IRA contribution is made only applies to regular personal traditional or Roth IRA contributions, not to contributions to IRA-based employer plans.)

[jayd65]

Thank you so very much for your helpful and detailed response.  I am so relieved that I have done everything right and there is nothing more to do.