Simple/Sep IRA

[ginacarlisle]

Do I need to claim income from simple and sep ira if it is put back into fund? Where do I claim it? Thanks

[TomCopeland]

Sep/simple

Do I need to claim income from simple and sep ira if it is put back into fund? Where do I claim it? Thanks

If you borrowed money from your SEP or SIMPLE and put it back before 60 days are up, you don't report this as income. If you wait until after 60 days you will pay a penalty of 10% and you'll have to report the money as taxable income as well. Report this on Form 1040, line 15b.