Yes, you will wait for Form 1099-R.
You removed the excess and therefore don't have to pay a penalty.
When you make an excess SEP contribution you have two options to fix the mistake:
- Have the excess removed
- Under-contribute by the same amount the next year and pay the 10% penalty (file Form 5330)
Please see IRS SEP Plan Fix-It Guide - Contributions to the SEP-IRA exceeded the maximum legal limits for details.
Please see SEP-IRA excess contribution previous year: options? Process? for more information on option 2.
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