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Can someone walk through this scenario with me

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Level 15
Level 15

Client is doing a re-fi so she wants her 2019 return to be filed now (2019 was a better year for her than 2018). 

She has the money to make the tax payment on April 10th, but wont have the money for her SEP & IRA contributions until closer to July.

If we file the return now, can she still make those IRA contributions in July?  Does filing the return nix the ability to make the contributions later?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 15

Due date for the payments is the due date of the return, not the date you file the return.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

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Highlighted
Level 15

Due date for the payments is the due date of the return, not the date you file the return.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

View solution in original post

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Level 15
Level 15
Thank you!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 15

You betcha!

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 15

You say SEP & IRA, do you mean SEP-IRA for a self employed? Regular IRA is still due 4/15, but that may change. Any employer plan is due by the due date of the tax return, so you could file for an extension, then file the next day. That would buy time to fund the pension plan. Why file now? Won't the bank accept a "CLIENT REVIEW COPY" as something to work from?

 


ex-AllStar
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Level 15

I thought they pushed back those dates, but then again following this stuff has been like riding a roller coaster so I don't know what "is" and what "isn't" these days.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
Highlighted
Level 15
Level 15

Last I read all the dates had been extended....theres been so many changes though Im struggling to keep up!

Ok, this says IRAs have been extended to July 15th too.

https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 15

I, once again, stand corrected. https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers Q17 does indicate we have until 7/15.

Sort of like standing on quicksand. 

I will do my own 👎

 


ex-AllStar
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Level 15
Level 15

@George4Tacks wrote:

Why file now? Won't the bank accept a "CLIENT REVIEW COPY" as something to work from?

 


She said the mortgage broker "strongly recommended" filing the return as soon as possible.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪