Specify the contribution year for an SEP IRA?
Summary of User’s Issue and Solutions Discussed:
- The user wants to contribute to their SEP IRA for the year 2022 before the filing deadline, but the web system only allows transfers for the current year, 2023.
- Fidelity clarified that the contribution deadline for SEP IRAs aligns with the tax filing deadline of the business, which can vary.
- Fidelity does not track the year for SEP IRA contributions and advises users to claim deductions for the appropriate tax year themselves.
- Users are encouraged to consult with a qualified tax professional for specific tax advice regarding their contributions.
Here’s the full thread
On the web, if you do a transfer, the year is fixed with current calendar year 2023, however I want to contribute to year 2022 before the filing deadline.
When the IRA is Roth, the yeat drop down is there, just not for sep ira.
Thanks for reaching out to us here!
As the contribution deadline for SEP IRAs is the tax filing deadline of the business, which may vary due to specific extensions or other factors, Fidelity only records the date of contributions to SEP IRAs. It is the responsibility of the tax filer to claim the deduction for the appropriate tax year.
As Fidelity does not provide tax advice, we strongly recommend consulting with a qualified tax professional regarding your specific situation. 🟢