The 07 SEP IRA contribution is
Question is:
the SEP IRA funds are in transit, however, not posted to the accoount or confirmation received as of 10/09/08. Still 6 days to go!
Is it adviseable not to electronic file the t/p return until confirmation is received on the SEP IRA funds for 2007?
Or,
can we electronic file the return and hope that the institution finally gives the t/p confirmation on the receipt of SEP IRA funds timely with the 10/15/08 extension form.
Concern is: funds posting date after the electronic confirmation date even if it is still within the 10/15/08 deadline. Wouldn't it be prudent to have the fund contribution date just prior or the same date as the electronic submission/confirmation file date?
Sandy
Generally a SEP must be established and funded by your tax filing deadline. Generally, filing extensions extends the period for establishing and funding the SEP plan. For a sole proprietor April 15th would be the deadline to establish and fund a SEP for the prior tax year. If an extension was filed a sole proprietor can establish and fund a SEP IRA by October 15th.
the SEP IRA funds are in transit, however, not posted to the accoount or confirmation received as of 10/09/08. Still 6 days to go!
Is it adviseable not to electronic file the t/p return until confirmation is received on the SEP IRA funds for 2007?
Or,
can we electronic file the return and hope that the institution finally gives the t/p confirmation on the receipt of SEP IRA funds timely with the 10/15/08 extension form.
Concern is: funds posting date after the electronic confirmation date even if it is still within the 10/15/08 deadline. Wouldn't it be prudent to have the fund contribution date just prior or the same date as the electronic submission/confirmation file date?
Sandy
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