I took 14,000 out of my SEP in 2018, unexpectely I had a very good year, I am 64 yrs old. Can I put 14,000 back in today and not have to pay the income tax on it?
I took 14,000 out of my SEP in 2018, unexpectely I had a very good year, I am 64 yrs old. Can I put 14,000 back in today (4/13/2019) and not have to pay the income tax on it?
02327
2 Replies
Coleen3
Intuit Alumni
Jun 1, 2019 12:04:42 PM
No, you have 60 days to return the money.
fanfare
Level 15
Jun 1, 2019 12:04:43 PM
you must have at least $76,503 of SE income in 2018 to contribute $14,000.
Use the " maximize my SEP contribution" command to see how much you can contribute.