I'm trying to fill out Form 5330, as instructed here on the forums (thanks again @dmertz ). I over-contributed to my SEP-IRA in 2018 by $601. My aim is to keep the money in the SEP-IRA and just pay the interest/penalties. I have already offset my 2019 contributions by the $601.
I have a few questions about filling out Form 5330:
- Items C, D, E, F, G (Name of plan, name/address of plan sponsor, plan sponsor EIN, plan year ending, plan number): are these supposed to be from where I have the SEP-IRA invested (Vanguard)? Or is this referring to something else? The instruction seem to imply that it refers to "the employer", which would be me being self-employed. I'm very confused about this part.
- It seems to me that what I need to fill out is Part 1, Section A. Line 1 (from Schedule A) seems to be the relevant section. But Line 3a/b mentions "Tax on prohibited transactions" and "tax on failure to correct prohibited transactions".
In the instructions, "prohibited transactions" all refer to a "disqualified person". I can't tell if that includes me as a self-employed person, where the third item describing "disqualified persons" refers to:
"An employer, any of whose employees are covered by the plan."
My best guess is that it doesn't apply to me. Is that correct?
As best I can decipher, in Schedule A I need to enter:
- Line 1: the amount I actually contributed to the SEP in 2018 (in this case $4800)
- Line 2: amount allowable as a deduction (this is the max SEP calculated by TurboTax, $4199)
- Lines 4,5,6,7, 8,10 are all zero
- Line 9, 11 are $601
- Line 12 is $60.10
Back in Part 1, Section A, Line 1, I enter $60.10 from Schedule A, Line 12
Line 2-6 are zero.
Line 7 is $60.10
Help with any of these individual items would be much appreciated.
