Ah, that’s what I’m missing! Fascinating. Thank you, Sir ..read more

Father can report it as a 2022 SEP contribution on his return, but VG can only report the contribution on Form 5498 for the year IN WHICH it is made (2023). It is up to the IRS to reconcile his tax return with the 5498. The 5498 reporting for an individual IRA account is different, as these contributions are reported for the year the contribution is for, eg 2022 or 2023. Therefore, an individual IRA contribution for 2022 will be reported on the 2022 5498. Because his contribution was reclassified by VG to a SEP contribution, his 2022 5498 should NOT show this contribution because it is no long ..read more

My understanding was that this SEP (employer) contribution, re-coded from the individual contribution, would be made for Tax Year 2022 (deadline: April 15th, 2023 without an extension).   ..read more

Update: my father called Vanguard this morning, explained the problem, and they re-coded the contribution to be employer-type. He wrote down the Confirmation Number given to him to document the change. My plan is to next check his 2022 Form 5498 when it is received, and verify that the contribution is employer-type. Any other recommended actions that I should take? I thank you ..read more

I thank you, sir ..read more

Contributions to a SEP IRA are normally SEP (employer) contributions, but regular IRA contributions can also be made to a SEP IRA. The type of contribution made must be disclosed to the SEP custodian for purposes of Form 5498 reporting. Since these contributions are either employer or employee contribution, they cannot be recharacterized between the two. The regular IRA (employee) contribution can be withdrawn with allocated gain or less allocated loss by 10/16/2023 if the 2023 return is either filed by 4/18 or an extension is filed by 4/18. A separate SEP contribution can be made by the same ..read more

My wife and I are both in our 70’s and have named one another as the sole beneficiary of our IRAs.  Currently, we are both using Table 3 to calculate our annual RMDs. Am I correct in assuming that once one of us passes away, the surviving spouse can still use Table 3 to calculate their RMD? I’m asking because I’m confused with respect to whether Table 1 would be applicable ..read more

A ..read more

A ..read more

A ..read more