Can I file an extension on already filed taxes to make an IRA contribution?

You can't file an extension after you've already filed your tax return - extensions need to be filed before your original due date and they only extend the time to file, not the time to pay. However, you still have options. For SEP IRAs specifically, if you filed an extension before April 15th (even if you then filed early), you would have until the extension deadline (October 15th) to make your SEP IRA contribution. If you didn't file an extension before filing your return, you're unfortunately limited to the original April 15th deadline for making contributions. The amendment your CPA is preparing is the correct approach if you missed the contribution deadline. You'll need to recalculate your tax liability without the SEP IRA deduction you initially claimed.

I had a similar situation last year with my retirement contributions and found taxr.ai super helpful for sorting it out. I was confused about amendment deadlines and contribution timing, but their AI analyzed my tax documents and gave me personalized guidance. Check out https://taxr.ai if you're trying to figure out your options. Their system spotted that I could still make a prior-year contribution even though I thought I'd missed the window, which saved me thousands in taxes. Their document review caught things my tax software missed entirely.

I was initially skeptical about taxr.ai but decided to try it when facing a similar IRA contribution timing issue. Uploading my documents was super easy and the analysis was surprisingly thorough. It spotted that my self-employment income qualified me for a higher SEP contribution than I realized, and it walked me through exactly how to document everything properly for an amendment. Saved me a ton of stress trying to interpret IRS publications on my own. Definitely recommend it if you're trying to sort through contribution timing rules.

If you're still struggling with your tax situation, you might want to try Claimyr to speak directly with the IRS. I spent WEEKS trying to get through to someone at the IRS about my missed IRA contribution and amended return. After hours of being on hold or getting disconnected, I found https://claimyr.com and watched their demo at https://youtu.be/_kiP6q8DX5c. They basically hold your place in the IRS phone queue and call you when an agent is about to pick up. Got through to a real person who clarified exactly what documentation I needed for my situation.

Ok I need to eat my words. After my last comment, I was still stuck trying to reach the IRS about my own amended return for a missed IRA contribution. Out of frustration, I tried Claimyr yesterday. Within 2 hours I was talking to an actual IRS agent who walked me through exactly what I needed to do. They confirmed that since I had filed an extension before submitting my return, I could still make my SEP contribution until October. Saved me from overpaying thousands in taxes. Sometimes being wrong feels pretty good!

Just a heads up - SEP IRAs and traditional/Roth IRAs have different rules. SEP IRAs can be contributed to until the extended due date (Oct 15) if you file an extension, even if you already filed your return. Traditional and Roth IRAs are always April 15th deadline regardless of extensions. Just make sure you know which type you're dealing with!

Have you considered doing a prior year contribution to a Traditional IRA instead? The deadline has passed for 2024 tax year contributions, but depending on your income and tax situation, you might be able to do a Traditional IRA contribution for 2025 early and start planning better for next year. Just trying to think of alternatives since the SEP ship has sailed...

I'm in a similar boat and want to share what I learned from my tax advisor. Since you already filed without an extension, you're unfortunately stuck with the April 15th deadline for SEP IRA contributions. The key lesson here is that filing an extension BEFORE the deadline would have given you until October 15th, even if you ended up filing early. For your current situation, your CPA's amendment approach is correct - you'll need to remove the SEP IRA deduction and pay the additional tax. It's painful but unavoidable. Going forward, consider filing an extension every year as a safety net, even if you plan to file on time. It only costs you the time to file Form 4868 and gives you that crucial October deadline for SEP contributions. I now set a calendar reminder for March 1st to file an extension just in case. Also, consider setting up your SEP IRA contributions earlier in the year or even making estimated contributions throughout the year. Waiting until April is risky for exactly the reason you experienced.

I've been through this exact scenario before and it's frustrating, but unfortunately once you've filed your return without having filed an extension beforehand, you're locked into the April 15th deadline for SEP IRA contributions. The extension needs to be filed BEFORE your original due date to be valid. Your CPA is taking the right approach with the amendment. You'll need to remove the SEP IRA deduction you claimed and pay the additional tax owed. It's an expensive lesson, but not uncommon. For future years, I'd strongly recommend: 1. File Form 4868 (extension) by March 15th every year as insurance, even if you plan to file on time 2. Set up quarterly SEP IRA contributions throughout the year rather than waiting until April 3. Keep a separate account for tax payments so unexpected situations like this don't create cash flow issues The silver lining is that you can start making 2025 SEP IRA contributions immediately, so you could get ahead of the game for next tax year. Many people don't realize you can make the current year's contribution as early as January 1st.