Sep Ira

[S T]

Please forgive me - I know I should know this - but I have a Biz Client that is just using up all of my resources - and I am just o totally "brain dead"

Partnership - Partner can fund either a Traditional IRA or a SEP IRA correct? The reason for the query is that Traditional IRA's have to be funded by 4/17 deadline date ( for 2011 returns) , but SEP IRA can be funded up to the due date of the tax return including extensions which would be October 2012 for 2011.

If returns are filed on 4/172012 for 2011 Tax returns, does the T/P (partner if qualifed and sets up SEP IRA)) still have until October 2012 to fund?

Thanks

Sandy

[Lion]

The partnership can extend and fund a SEP through 15 October. SEP contribution gets passed through via K-1 to partner.

I end up looking this up in TTB every year for my one partnership with a SEP (have another with a SIMPLE with different rules, and then there's the S-corp with a SIMPLE and S-corp with a SEP, all very similar and yet all different). 13-15 & 16, especially Where to deduct.

[S T]

Thanks Lion

What I am wondering if the Partner - not the Partnership - can still have the extension on fuding SEP IRA for Partnership Income that is SE via K-1 - Partnership will not be funding--

Otherwise at the Partner Level I am stuck with the 4/17 deadline to fund Traditional IRA

Sandy