He needs a new advisor. If this is a Schwab advisor, what is Schwab supposed to provide to their own Representative? I would expect them to give the person support and guidance.

Code for what? He puts money into an account. Schwab sends a 5498. Done.

I was looking online and there are various codes but I don't know if that is what they are looking for. To me it is just a contribution to his existing SEP IRA that his company will pay on his behalf . 

Thank you

408 (k)

"408 (k)"

The plan and account seem to already exist, though: "Has not made SEP contributions in several years."

It is possible this advisor doesn't understand any of what is happening here. As a benefits administrator in a previous life, I ran into this more than once.

If its his own SEP IRA from years ago when he was self employed, they may be setting up a new account for the SCorp to deposit SEP money for employees.

I had an old SEP from an employer but I couldnt just add money into it when I became self employed, I had to start a new SEP as an employer.

Thank you for your response!

This support site is a great tool!

this account was established years ago but no contributions have been made. He was an S Corp  when the plan was established.

thank you

Whoever has that account is likely to have issued the plan document for the S Corp. That is on file with both parties. That would not even be needed, if this all existed and there is no change to the plan.

Wow, isn't that his job to know that?, if that is even necessary...I have never heard broker asking for that... just asking and just my opinion..

It was originally set up through his S Corp but he has not contributed in years. He wants to start contributing again. I think he did not know how to explain this to the advisor at Schwab.

"I think he did not know how to explain this to the advisor at Schwab."

The advisor should be able to see this when they look at the accounts held by this person. That's what makes no sense. He is their Customer. He should get better customer service.

I worked with advisors that gave the account holder the wrong limits, confusing 401(k), SIMPLE IRA, etc as if they are interchangeable. I tried to work with one advisor that could not spell employee names right, much less the same wrong way each time. If you cannot keep our names straight, you don't get to handle our money.