I am trying to make a prior year SEP-IRA contribution on schwab.com, but am getting an error message. Why?
The IRS requires that Schwab report contributions to SEP and SIMPLE IRA accounts in the year that the funds are deposited to the account. However, clients should continue to report contributions based on the tax year not the calendar year. For more information, see answers to frequently asked questions about Form 5498.
The IRS requires that Schwab report contributions to SEP and SIMPLE IRA accounts in the year that the funds are deposited to the account. However, clients should continue to report contributions based on the tax year not the calendar year. What is Form 5498? Tax Form 5498 is used to report contributions, rollovers, conversions, recharacterizations and year-end Fair Market Values (FMV) made to traditional IRA, Roth IRA, SEP-IRA and SIMPLE-IRA accounts. Who Receives Form 5498? Anyone who makes a regular, rollover or employer contribution to a traditional IRA, Roth IRA, SEP-IRA or SIMPLE IRA, or who converts or recharacterizes their IRA will be mailed Form 5498 by May 31. Schwab is also required to report this information to the IRS. What will I see on Form 5498? The following information is available on Form 5498: • Box 1: IRA Contributions. Shows traditional IRA and Rollover IRA contributions made for tax year 2005. Also shows SEP-IRA employee contributions made during 2005. • Box 2: Ro
Related Questions
- If a contribution to a qualified plan is made in one year but designated for federal purposes as being the contribution for the prior year, to which year does the deduction from net earnings apply?
- When I get the error message "MCMC error 0315: prior variance matrix is not positive definitive" while running a multinomial model using MCMC, what exactly do I need to do to the numbers in C1096?
- I am trying to make a prior year SEP-IRA contribution on schwab.com, but am getting an error message. Why?
