abctax55
Level 15
05-27-2022
09:17 AM
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One has until the due date of the return, including any extensions, to make a deductible SEP contribution for the prior year. Even on the cash basis.
The deduction is claimed on the line for employee benefits/retirement contributions - the actual line depends on the entity claiming the deduction (Sch C = Pension & profit-sharing, line 19, Form 1120-S = Pension, profit sharing Line 17,....)
HumanKind... Be Both