Borrowing from SEP

[Openfire]

I have a client who borrowed from his SEP on two occasions and paid it back within 60 days. Do I need to report it at all on the return?

[taxea]

did he get a 1099? Did he pay interest?

[Burke]

I have a client who borrowed from his SEP on two occasions and paid it back within 60 days. Do I need to report it at all on the return?

You cannot borrow from a SEP or IRA. It is a withdrawal, and treated as a rollover if redeposited within 60 days. And yes, you need to report it on the return since he should have received a 1099R. You can borrow from a 401(k) plan if it allows it and it is not reported on the tax return.