When do I need to make my SEP IRA contributions for 2023 tax year?

Thanks for the info! Just to clarify - if I file for an extension but actually submit my taxes early (say in July), can I still make SEP contributions through October 15? Or is my contribution deadline whenever I actually file?

Your deadline is when you actually file your return, not the extension date. So if you file in July, that would be your contribution deadline, even though the extension runs until October 15. If you're planning to make a substantial contribution, it's often a good strategy to file the extension first (which gives you until October 15), then take your time to fund your SEP, and then file your actual return once your contributions are complete.

Does it work if you have both W-2 income and self-employment income? I'm in a hybrid situation and always get confused about how much I can put into different retirement accounts.

I've heard of similar services but they usually just give generic info that I could find on Google. Does it actually give personalized advice specific to your situation? My taxes get complicated with multiple income streams.

Yes, it handles combined W-2 and self-employment income situations! The tool specifically accounts for that and helps you maximize across different account types without exceeding limits. It shows you the interactions between 401(k)s from employers and SEP/Solo accounts from your self-employment income. For personalized advice, that's actually where it shines compared to generic Google searches. You upload your documents and it analyzes your specific situation, accounts for all your income streams, and gives recommendations tailored to your tax profile. It's not just generic info - it shows you the exact calculations for your case.

How does this actually work? Do they just call the IRS for you? I thought the IRS wouldn't talk to third parties about your tax situation without authorization.

Sounds like a scam. Nobody can magically get through to the IRS faster. I've tried calling for weeks and always get the "call volume too high" message. I'll believe it when I see it.

They don't talk to the IRS on your behalf - the service just handles the waiting on hold part. When an IRS agent finally answers, Claimyr connects you directly to the call. It's still you talking to the IRS, not a third party. The magic isn't getting through faster, it's that they handle the hold time so you don't have to listen to that awful hold music for hours. They use an automated system that waits in the queue, and when an agent picks up, you get a call to join the conversation. No authorization issues because you're the one actually speaking with the IRS.

Thanks for the tip about account setup timing! I was thinking of using Fidelity - has anyone had experience with how long their SEP setup process takes? I definitely don't want to miss the deadline because of administrative delays.

I haven't used Fidelity specifically for a SEP, but my buddy set one up with them last year and I believe it took about 3-4 business days to complete. Still, I'd recommend giving yourself at least two weeks before the deadline just to be safe. The other thing to consider is that even after the account is set up, transfers from your bank can take a few additional days to clear. Electronic transfers are typically faster than mailing a check, but even those can take 1-3 business days depending on your bank and the brokerage.

This is an important point. Are you saying if I'm an LLC taxed as an S-Corp and I pay myself $60,000 in salary but the business makes $120,000 in profit, my SEP contribution would be limited to 25% of the $60,000 salary, not the full $120,000?

Exactly right! With an S-Corp election, your SEP contribution is limited to 25% of your W-2 wages, not the business profits. So in your example with $60,000 salary, your max SEP contribution would be around $15,000 (25% of $60k), even though the business made $120,000 total. This is why many S-Corp owners also consider Solo 401(k)s instead of SEPs - with a Solo 401(k), you can contribute as both employee and employer, potentially allowing for higher total contributions. The employee portion can be up to $22,500 (for 2023) plus 25% of your W-2 wages as the employer contribution. Make sure to discuss this with your accountant since the optimal salary vs. distribution split for S-Corps involves balancing self-employment tax savings against retirement contribution opportunities.