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Level 1
posted Jun 6, 2019 12:55:27 AM

Does irs get notified of my sep contribution? I made a 2017 contribution in 2017 but also just added more in 2018 (for my 2017) contribution. Anything else I need to do?

0 5 861
5 Replies
Level 2
Jun 6, 2019 12:55:28 AM

There is nothing more you need to do.  Your custodian will handle the necessary IRS paperwork.

Level 1
Jun 6, 2019 12:55:29 AM

thank you but my custodian doesn't seem fully informed.  They are telling me that they already sent out whatever gets sent out for 2017.  I added another $2k to the sep for 2017 but just did that in 2018.  They said they made a note that it is to be applied to 2017 .  I'm just concerned that if something got to the IRS that said $6k in 2017 contributions, then I'm stating it was really $8k because I added $2k, then there will be a flag or a problem.  I know that I will have the documentation to prove it if needed but I would like to avoid having to prove it.

Level 2
Jun 6, 2019 12:55:31 AM

I have had this same discussion with my custodian.  The IRS requires them to track the year you put the money in the account - they send you a Form 5498.  You are supposed to keep track of the year it is for - you do that by reporting on your return.

Level 1
Jun 6, 2019 12:55:33 AM

Thank you, so they don't actually send the IRS the 5498?  We keep track, we report it on the income taxes, etc, and that's it?

Level 2
Jun 6, 2019 12:55:34 AM

Yes.  I know it feel weird, but go with it.