MarilynG1
Expert Alumni

Get your taxes done using TurboTax

You will not be taxed again in 2021 if you remove the Excess SEP Contribution in 2020.

 

You will receive a 2021 Form 1099-R with Codes to report it as 'removal of excess contribution', so it is not taxable, only reportable, with the exception of taxable Earnings. 

 

Click this link for more info on Excess SEP Contribution

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