I made a mistake in 2020 and contributed an excess amount to my SEP IRA (for 2019 return). A realized this mistake a few days later and removed the excess amount via a distribution. Now I'm getting a 1099-R form from my finance institution for the amount I took as the distribution. It seems that I should not have to pay taxes on the distribution as it was a correction on overpayment. How can I do this in TurboTax? Put 0 in the taxable amount box? Change the box 7 distribution code?
Thanks!
