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This Web site contains a compilation of more than a thousand consumer finance  columns written by Tony Novak from the 1980s through 2006, updated and reformatted for maximum usefulness today.  New material was added after 2010.

Content is the opinion of the author and does not represent the position of any other person or entity. Information is from sources believed to be reliable but cannot be guaranteed.

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SEP funding after death

originally posted: 11/22/2006  reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If in doubt, please send a new question or ask for an update.

Q: My husband was self-employed but died last year. Can I fund my late-husband's SEP after his death and take the deduction on our final joint tax return?

A: This question is selected because of the difference of opinion offered by the IRS and tax professionals. In other words, depending on who you ask and when, you will get different answers. Bottom line is that there is probably little net tangible after-tax benefit to doing this, but if you do, it is unlikely to be questioned on examination. And then, even if it is disallowed, the consequences are minimal. So in the end, it really is not an important issue in your larger financial picture.


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