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Discussion:Extended due date and retirement contributions

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Discussion Forum Index --> Tax Questions --> Extended due date and retirement contributions


Kathie (talk|edits) said:

11 September 2007
I have clients on extension so they have more time to fund their SEPs. Can I efile before they make their contribution, as long as the contribution is made by 10/15 - or does the filing date become the due date?

Jdugancpa (talk|edits) said:

11 September 2007
Extended due date is the extended due date. You can efile prior to funding the SEP, but you always run the risk that your client will not make the deposit, or will make it for a different amount, in which case the return may need to be amended.

Waynecpa (talk|edits) said:

11 September 2007
The extension date is the due date - just make sure they make the contribution or else they will have to amend.

NYEA (talk|edits) said:

11 September 2007
Kathie

I agree with the previous posters. The only point of my post is to give you the authority to justify the answer so you can put it into your files.

Rev Ruling 66-144 allowed the return to be filed prior to the actual funding which must be done on or before the extended due date. This ruling addressed a taxpayer using the accrual method of accounting. The Ruling was amplified by Rev Ruling 84-18.

The second ruling did two things. First - It allowed taxpayers to file their return prior to funding their IRAs(no extended due date for IRAs). Second, it extended the holdings in Rev Ruling 66-144 to cash basis taxpayers based on the provisions contained in ERISA.

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