turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

wildchoir
New Member

When entering contributions to a SEP IRA for 2017, do I only include contributions during prior to 1/1/18? or do I also include all contributions before 4/17/18?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
MinhT
Expert Alumni

When entering contributions to a SEP IRA for 2017, do I only include contributions during prior to 1/1/18? or do I also include all contributions before 4/17/18?

You can make contributions to your SEP-IRA up to April 17, 2018 and deduct them on your 2017 tax return.

For contributions made between January 1, 2018 and April 17, 2018, make sure to indicate to the SEP-IRA administrator that they are contributions for tax year 2017.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
dmertz
Level 15

When entering contributions to a SEP IRA for 2017, do I only include contributions during prior to 1/1/18? or do I also include all contributions before 4/17/18?

For SEP contributions, it's the responsibility of the employer (or self-employed individual), not the IRA custodian, to track the year for which contributions are made;  the Form 5498 prepared by the custodian only reports the year *in* which the contribution was made, not the year *for* which the contribution was made.  Just make sure that the custodian knows its a SEP contribution (for a contribution to an account that was established as a SEP-IRA, the custodian will designated as a SEP contribution by default) so that it appears on the Form 5498 as a SEP contribution.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies