Reminder Regarding SEP IRA Contributions
SEP IRA contributions on IRS Form 5498 in the year they are made, which may not be the deduction year. A common misconception is that the reporting should mirror the contribution year reporting for traditional and Roth IRAs. It is the employer’s responsibility to claim the deduction for the appropriate tax year.
Please do not indicate a different tax year when submitting Service Requests for SEP contributions as all contributions will be reported in the calendar year they are received at the custodian.