Here are a few things to note:
- In addition, the deadline to make IRA contributions for 2020 was also extended to May 17th.
- We will process any business through May 20, 2021, that is postmarked on or before May 17, 2021.
- All requirements must be completed, submitted to our Service Center, and in good order by May 25, 2021.
- Anything beyond that date will be reported as current year contributions.
To ensure that IRA and Roth IRA contributions are applied to the correct year, your clients must:
- include "2020" in the memo section on the check; or
- state that the contribution is for 2020 in a letter of intent.
Otherwise, we will consider contributions to be for the 2021 tax year. We will require policyholders to submit excess contribution forms should they notice later that contributions are for the incorrect year.
Please note that SEP funds are posted for the year we receive them.
To accommodate the above changes, the due date for Form 5498 was postponed to June 30, 2021.
Please contact us at 800.445.6758 with any additional questions. We look forward to assisting you.