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- Re: SEP Contribution For S Corp Shareholder Made In Current Year
SEP Contribution For S Corp Shareholder Made In Current Year
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clacourte1
Level 3
02-13-2025
11:59 PM
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If an S Corp shareholder makes a SEP contribution for 2024 in 2025 before the due date of the return, it's my understanding that it can either be deducted in 2024 or 2025. If they're on a cash basis and want to deduct the contribution on the 2024 return, where should this be entered in ProConnect to account for the book/tax difference?
2 Comments 2
rbynaker
Level 14
02-14-2025
06:36 AM
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I typically keep my client's books on the income tax basis of accounting so I would book it as a liability on the balance sheet. If you have some other non-tax reason for cash basis books it could be an M-1 adjustment for deductions on return not on books (and then it reverses next year as expenses on the books not on the return).
clacourte1
Level 3
02-17-2025
01:38 PM
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Great, thanks!
