hgtc
Level 5
09-19-2020
11:07 AM
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Thank you all for your input.
W-2 is marked "covered", but, employer did not have SEP contribution for tax year 2019. And, the employee did contribute his IRA, $7,000 by 4/15/2020.
Reading IRS note, it sounds that employer should not mark "covered" in the W-2. Lacerte will not allow this $7,000 IRA deduction. Should my client ask employer to correct 2019 W-2 for this (if he still wants to have IRA deduction)?