SEP IRA help needed.

[Jeff W]

I want to open a SEP IRA and max out my contribution for 2006(Self Employed Pro Gambler), but I've been slow on the draw and I haven't opened my account yet. I guess if I am disqualified it'll be my own fault.

1. File form 4868 - Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. Include 2006 tax payment to avoid interest payments(I've already completed my tax return). Under Table 1 of Pub. 560 it says the last date for contribution is "Due date of employer's return (including extensions.)"

2. Complete the 5305-SEP "Simplified Employee Pension--Individual Retirement Accounts Contribution Agreement"

3. Fill out E*Trade IRA Application and send it in with instructions to transfer $X to the IRA from my brokerage account.

4. Fund the IRA.

5. File my tax return.

Am I missing anything? I've read the forms and publications over and over and it seems to be that simple. I'll call IRS tomorrow but I don't know if I can hope to get through to a representative 1 day before taxes are due. Thanks.

[depokerstar]

Looks like you've got it covered.
You can set up the plan and fund it no later than when you pay your taxes including the extension date. You're good to go.