If the reporter cashed the check for the month of death (and any later months), do not ask for a refund. Advise the reporter that the Treasury Department (TD) may request the funds back from the bank that cashed the check for a period of up to 12 months from the month that SSA learns of the death.
For example, if 5% of your non-Roth IRA are non-deductible contributions, then 5% of the conversion amount must be non-deductible contributions, and the rest must come from the deductible contributions, including earnings and rollover contributions.
How much of the SEP contributions are deductible? The most you can deduct on your businessâs tax return for contributions to your employeesâ SEP-IRAs is the lesser of your contributions or 25% of compensation. (Compensation considered for each employee is limited and subject to annual cost-of-living adjustments).owever, any dollars you contribute to the SEP-IRA will reduce the amount you can contribute to other IRAs, including Roth IRAs, for the year. Example 1: Nancyâs employer, JJ Handyman, contributes $5,000 to Nancyâs SEP-IRA at ABC Investment Co. based on the terms of the JJ Handyman SEP plan.