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Joined: Dec 2008
Posts: 6,945 Likes: 1
Campfire Tracker
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OP
Campfire Tracker
Joined: Dec 2008
Posts: 6,945 Likes: 1 |
I have some general questions and I know some of you guys on here are pretty knowledgeable.
Setting up an sep for 2020. Have a very large potential tax burden from 2020 and this is one way to reduce it somewhat.
Who do you guys use to handle your seps or other investment accounts such as this?
Is the deadline for setting up an sep pushed back to next month or do I need to get it done today? I am just winding down my busy season so I find myself up against the deadline again.
Any general recommendations from people who have done this?
Montana MOFO
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Joined: Aug 2012
Posts: 5,491 Likes: 1
Campfire Tracker
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Campfire Tracker
Joined: Aug 2012
Posts: 5,491 Likes: 1 |
I have mine with a guy from a local Northwestern Mutual Investment office who handles mine. I dont know when the deadline is to set it up but I dont have to contribute to it until just before I file.
Life can be rough on us dreamers.
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Joined: Apr 2017
Posts: 78
Campfire Greenhorn
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Campfire Greenhorn
Joined: Apr 2017
Posts: 78 |
You have until 17 May for your 2020 tax filings according to this IRS announcement.
https://www.irs.gov/newsroom/irs-extends-additional-tax-deadlines-for-individuals-to-may-17#:~:text=WASHINGTON%20%E2%80%94%20The%20Internal%20Revenue%20Service,filing%20certain%20claims%20for%20refund.
You normally have to make your contributions by the time you file, thus, if you file an extension this could be as late as October 15th.
My SEP-IRA is through my bank where my personnel and business accounts are located.
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Joined: Jan 2002
Posts: 12,879 Likes: 5
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
Posts: 12,879 Likes: 5 |
Not familiar with SEP rules, but my company Simple is run through Vanguard. Very easy to set up, but not sure you can get it done today. Might be worth just setting it up and funding it at your local bank branch today, and then roll it into the investment account of your choice when time allows.
Sic Semper Tyrannis
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Joined: Dec 2008
Posts: 6,945 Likes: 1
Campfire Tracker
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OP
Campfire Tracker
Joined: Dec 2008
Posts: 6,945 Likes: 1 |
Not familiar with SEP rules, but my company Simple is run through Vanguard. Very easy to set up, but not sure you can get it done today. Might be worth just setting it up and funding it at your local bank branch today, and then roll it into the investment account of your choice when time allows. Heard back from my accountant. We have until next month when we would be required to file our extension. I will look into Vanguard. Thanks.
Montana MOFO
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