The deadline for employer SEP contributions is the tax filing deadline of the company, including extensions.

No. SEPs are funded by employer contributions only. However, catch-up contributions can be made to the IRAs that hold the SEP contributions if the SEP-IRA documents allow. The catch-up IRA contribution amount (for employees age 50 and older) is $1,000 for 2006 and later years.

A SEP can be set up for a year as late as the due date (including extensions) of the business's income tax return for that year.

Contributions for a year must be deposited by the due date (including extensions) for filing your Federal income tax return for the year. The most that may be deducted on the business's tax return for contributions to its employees' SEP-IRAs is the lesser of its contributions or 25% of compensation. (Compensation considered for each employee is limited to $225,000 in 2007, $230,000 for 2008 and subject to annual cost-of-living adjustments for later years.

SEP stands for "Student Education Plan." For more information, please contact the Department of Counseling at 510-436-2475.

The plan must be established and the contributions completed by the employer's tax-filing due date, usually by April 15 following the tax year for which the deduction is taken.

No. SEP contributions can be made to Traditional IRAs only. While it is possible to convert a Traditional IRA containing SEP contributions to a Roth IRA, subsequent SEP contributions must be made to a Traditional IRA.

No, but the employee participant may convert the SEP IRA into a Roth and pay the tax due on the conversion.

The deadline for SIMPLE contributions is the tax filing deadline of the company, including extensions. For a previous year contribution, the SIMPLE plan must have been established by October 1 of the year for which the contribution is being made. For Agents and Brokers | Insurance Forums | About Us | Privacy/Legal | Contact Us | Site Map | Site Menu

The final deadline for making prior year IRA contributions is typically April 15. For example, a contribution for tax year 2007 may be made up until April 15, 2008.

You must make the salary reduction contributions to the SIMPLE-IRA as soon as possible but no later than 30 days after the end of the month in which the amounts would otherwise have been payable to the employee in cash. For example, if your employees would have otherwise received compensation (instead of the elective deferrals) in March, you must deposit the deferral amounts as soon as possible but no later than April 30 th.

You can establish a SEP for a year as late as the due date (including extensions) of your company’s income tax return for that year. You can establish a SIMPLE-IRA plan effective on any date between January 1 and October 1 of the year for which you make your first contribution. However, if you previously maintained a SIMPLE-IRA plan, you can set up a SIMPLE-IRA plan effective only on January 1 of the year for which you make your first contribution.

Yes, in fact SEP contributions are required for eligible employees even after attaining age 70 ½. Yes. Remember, SEP contributions are deposited into a Traditional IRA for each eligible employee. Even if the eligible employee is still receiving SEP contributions, distributions from the IRA must begin in the year that the IRA holder turns age 70 ½. These distributions are generally based on your IRA account balance divided by your life expectancy.

Contributions for the taxable year can be made in one or more payments, at any time prior to the time for filing the eligible individual’s federal income tax return for that year (without extensions). This is generally April 15. Although the annual contribution is determined monthly, the maximum contribution may be made on the first day of the year. A married couple can make two catch-up contributions, as long as both spouses are at least age 55.

The Department of Labor (DOL) regulations state that salary deferral contributions are to be made as of the earliest date on which such contributions can reasonably by segregated from the employer's general assets (CFR 2510.3-102). In general, salary deferral contributions are calculated upon the determination of the participants' compensation/earned income using the participants' salary deferral agreement.

The employer contributions of profit sharing and matching should be deposited by the due date of the employer’s corporate return. If the employer has filed for an extension, the employer automatically receives an extension for depositing the employer contributions as well. For a calendar year plan the contributions will be due by March 15th. However if the employer files for an extension, the employer contributions will be due by September 15th.

The Special Events Permitting (SEP) process was created to assist student organizations with event planning, with the hopes to ensure safe and successful events on campus. Once the permit is completed, it is sent out to various campus departments for approval (i.e. Guest Services, Athletics, FSUPD, Environmental Health and Safety, etc.

A SEP is established by adopting a SEP agreement and having eligible employees establish SEP-IRAs. There are three basic steps in setting up a SEP, all of which must be satisfied. A formal written agreement must be executed. This written agreement may be satisfied by adopting an Internal Revenue Service (IRS) model SEP using Form 5305-SEP, Simplified Employee Pension - Individual Retirement Accounts Contribution Agreement. A prototype SEP that was approved by the IRS may also be used.

The limits in the preceding sentence apply in the aggregate to contributions an employer makes for its employees to all defined contribution plans, which includes SEPs. Only up to $225,000 in 2007 ($230,000 in 2008 and subject to annual cost-of-living adjustments for later years) of an employee's compensation may be considered. Contributions must be made in cash. Property cannot be contributed.