Moving excess SEP ira contribution to the following year

[jkap]

Hi,
I contributed $20,000 to a SEP IRA in Dec 2017

2017 taxes filed says max is $14,621, which means there is an excess of $5,379.

Not knowing this I contributed $7,250 in Dec 2018 for the 2018 tax year. I then removed $7,250 in Feb 2019.  If I remember correctly, there is a grace period and I removed it on time so I only have to pay taxes on ~$500 it made. Now there still the issue of the original excess amount of $5,379.

2018 taxes filed says max is $5,821 which is more than the excess amount, so I want to move the 2017 contribution excess ($5,379) to 2018 tax year.  Is this still possible since I filed my 2018 taxes already?

What form would I need?

[Anonymous]

did you deduct the full $20K in 2017? if so you need to amend to report only the deductible amount. did you pay the 6% excise tax on the 2017 return for the excess because it was not withdrawn by the due date of the return? If not again you need to amend to pay the penalty. the IRS might catch the over contribution and bill you but that's unlikely since there is no reporting and the trustee would have no way of knowing you made an excess contribution.. you'll need to ask the trustee about moving the 2017 excess to 2018. This normally would not have been a problem, but you already filed your return.

[jkap]

did you deduct the full $20K in 2017?

-No,  2017 tax return I deducted $14,621

if so you need to amend to report only the deductible amount. did you pay the 6% excise tax on the 2017 return for the excess because it was not withdrawn by the due date of the return?

- No I didn't pay any taxes on it

- 2018 tax return I deducted $5,821

If not again you need to amend to pay the penalty. the IRS might catch the over contribution and bill you but that's unlikely since there is no reporting and the trustee would have no way of knowing you made an excess contribution.

- I open an LLC (single owner) because I'm a freelance artist, so I am the trustee.

- is there a stature of limitation for the IRS to find a problem? I read somewhere it was 3 yrs, but I'm not sure, Do you know?

You'll need to ask the trustee about moving the 2017 excess to 2018. This normally would not have been a problem, but you already filed your return.

- Form 5330 is what I found when I heard about moving contributions to the next year.

- Also heard I have 7 months after filing to get the money in for 2018 tax year.  Is any of this true?