skyworks
Level 5

One client over contributed (before 7/15/2020) SEP IRA by $2k .

I thought the deadline to withdraw is 10/15/2020 the extension tax return due.But the request form to withdraw from the Investment Financial Institution was not clear, it only had two option of requesting before my tax filing date 4/15 and after.

 

Also I thought for SEP IRS does not request the financial institution keep track the year of SEP contribution ( but for Roth I know), so on the investment statement does not say which year ( actually I check the qtr statement, it only says Trade date Employer auto contribution, in this case the owner can keep track and indicate $2k is for 2020 contribution not 2019, so not need to go through the withdraw process.

 

Can anyone please help??

 

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