Posts Tagged ‘sep ira tax reporting’
Sep Ira Tax Reporting
August 7th, 2005
Question: Can I report the loss with my SEP IRA in my personal income taxes?
I invested $16K in SEP IRA in year 2007 and sold it for only about $12K in year 2009 (before I transferred it to my Fidelity SEP IRA account). Can I report this loss with SEP IRA as a loss in my income taxes? If yes, which section shall I put the figures in?
Answer: No. You never paid taxes on the money going in, so you can’t get a deduction for any losses. Assuming that you did a direct rollover, no taxable event occurred.
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