In 2024 we inadvertently contributed too much to a SEP-IRA. I figured out the amount that was excess and worked to get that money pulled out. The rules state that if I fix the overage before filing my taxes I will not get penalized. So the position I am at now is that we have this corrected and we will receive interest from the money. I'm told I will get a 1099-R in January of 2026. How do I handle that in my tax return? I've changed the amount to the correct amount contributed but does the interest get taxed in 2024 or do I wait until 2025 taxes to claim that because we received it in 2025? Thanks.
