SEP IRA contribution made in 2022 but it is for 2021

[dennis-oconnell1]

I read that SEP IRA contributions are reported the year they are made, but can be counted for the prior year.

To confirm, if I make a contribution in 2022 before filing my taxes I can make it count for the prior year 2021. Am I understanding this correctly?

[RaifH]

Yes, you are correct. You have until April 18, 2022 to contribute, unless you file an extension for your taxes. In that case, you will have until October 15, 2022 to contribute. The IRS has more information on SEP-IRAs here.