I have similar error. Contributed $2600 to SEP-IRA (prior to filing CY2019 tax return in June 2020). I am self employed/solo contractor. But ended up not earning enough self-employment income to claim this contribution in CY2020.
The custodian's Form 5498 labels the $2600 all contributed "2020 FOR 2020." They will not change this designation. Since the $2600 was all contributed PRIOR to CY2019 tax deadline (7/15/20), can still claim it as a CY2019 contribution despite the custodian "2020 in 2020" designation? If so, OK to file 1040-X for CY2019 to designate/claim the $2600 contribution in 2020 as a 2019 deposit?
Or is it cleaner to just seek refund as "excess contribution" from custodian?
thanks!
