Joe,

I can answer the first part of that with you just contributing to the ira in
2005,
you won't be able to deduct that until you do your taxes next year.
The other questions really need to be address to a qualified tax
consultant.

Kenetra


"News Subsystem" <news[at]news.astraweb.com> wrote in message
news:tq70611nk882mgi3dstoqknbniec15t23a[at]4ax.com...
- quote -

News Subsystem wrote:
- quote -


Joe,
It being 4:22PM on 4/15, and your contribution being $3k, you might
simply amend your 2004 return next week to show the $3k contribution to
a traditional IRA, and collect the associated refund. Talk this over
with your accountant to see if it'll work - it should from what you're
saying.

And keep in mind for the 2005 tax year that when you have a SEP you have
until the extended due date to make your contribution (but only if you
file a valid extension). If there's any uncertainty you might as well
extend to get the extra time to get it figured out & done. Your
accountant can check off a box in his software to figure your allowable
SEP contribution - it's not the easiest thing in the world to figure out.

-Tad

Hi i'm self-employed which i set up my business under s-corp. for
2004 i paid myself 14k salary and my business profited 35k after
paying for business expenses and my salary. i sent off the tax payment
last week after my cpa calculated the taxes that i owed. yesterday i
realized i should have started an ira account and it was not too late
to contribute for 2004. i set up an sep-ira account last nite and
contributed 3k. my question is, will i get tax refund since i didn't
deduct the 2004 contibution b/4 i sent off the tax payment? also was
$3500 my maximum contribution since my salary is only 14k? or should i
have put in 12k since my adjusted gross was 49k(14k salary + 35k
divident)? next year i'm paying myself much higher salary so i can
contribute more into the sep ira.....

joe