Amend?? SEP reported should be solo 401k

[ea_rva aka acctgtaxmatters]

Your input is greatly appreciated.

Client has Sch C and we filed return with max SEP when it should have been as 401k (solo).

I've recalculated it with EE and ER amounts broken out and results are the same. My question is, if they keep the same payment calculated under the SEP, do I need to file an amended return? Wondering if there is some specific schedule that gets included with the return that would require me to amend.

Could be they want to amend since they can contribute more but wanted to know this part before I provide them with options.

OR the answer may be simply, amend to be on the safe side.

[IRonMaN]

If there is no tax change, don't waste your time or energy amending --------- the IRS isn't going to look at it anyway.

[qbteachmt]

I would amend. An SEP IRA is exempt from ERISA, but the Solo 401(k) is not. That might make a difference down the road. And the limits and aged catchup amounts between these account types are significantly different, as is the administrative paperwork.

[ea_rva aka acctgtaxmatters]

Thank you both for the responses. They decided to do the max 401k which is requiring me to amend.

Any suggestions on the fastest path with lease resistance - is filing as an amended return on 04/16/25 ok or should I wait longer - filed their return 04/07/25 with big payment coming out on 04/14/25.

[sjrcpa]

If the return is already filed they only have until April 15 to make their additional contribution. Extended due date only applies when there is an extension. And you get one once you've filed.

[ea_rva aka acctgtaxmatters]

Thanks for that input - yes I've told them they have to get the additional $30k contributed before next Tue.

Does this mean I have to file the amended by 4/15/25 as well?