Sep

[Lion]

I'm going around in circles in my reading. Client filed extensions. Is ready to e-file returns but might need longer to fully fund his SEP. Does he need to make his SEP contribution PRIOR to transmitting his return? Or, does he have until 15 October to fund his SEP even if he files his return before then?

If the former, can he file his state returns (NY & CT both start with federal AGI) and delay the federal only? If so, can I collect all the signatures now but not transmit his federal return until he's contributed to his SEP?

[veritas]

I know of

nothing that says the money must be funded before filing the return.

[New York Enrolled Agent]

I'm going around in circles in my reading. Client filed extensions. Is ready to e-file returns but might need longer to fully fund his SEP. Does he need to make his SEP contribution PRIOR to transmitting his return? Or, does he have until 15 October to fund his SEP even if he files his return before then?

No to the first ?, yes to the second ?

See Rev Ruling 66-144 amplified by Rev Ruling 84-18

[Lion]

Thanx

Wow. That second Ruling was right on target for my client. Thank you very much. It's from 1984, though. Is there any Index that would lead me to any potential later rulings that came to a different conclusion? I'm working on my research skills.

[Burke]

As far as my experience has told me, he can file and get the refund(s) and the SEP payment is not required until the due date (INCLUDING extensions) of the return. I have clients that do it every year. My state follows federal law and starts with AGI also. I cannot verify about NY and CT rules..

[Davc]

Wow. That second Ruling was right on target for my client. Thank you very much. It's from 1984, though. Is there any Index that would lead me to any potential later rulings that came to a different conclusion? I'm working on my research skills.

That's one of the reasons a pay service comes in handy. They'll have notations regarding conflicting and newer rulings.

[New York Enrolled Agent]

Wow. That second Ruling was right on target for my client. Thank you very much. It's from 1984, though. Is there any Index that would lead me to any potential later rulings that came to a different conclusion? I'm working on my research skills.

Davec is correct. A service such as RIA which come free with Drake software will note if later Rev Rulings modify, ampify, obsolete, "whatever", ... the Ruling you are looking up.

For example, if you look up Rev Ruling 66-144 on RIA, you will read a caution on the top that this ruling was amplified by 84-18.

BTW, 84-18 is still good to go and I doubt you will ever see a change to that RR unless the Congress allows IRAs to be funded by the extended due date.

[Lion]

Thanks again

I've started using IntelliConnect. 66-144 said it was amplified by 84-18 and 84-18 said it amplified 66-144. 1984 just seemed so long ago that I was concerned that the lack of other notes on 84-18 might not imply that it has not been amplified itself. Thanks for your explanation. Time to take some more free training in how to make the most of my research materials...