I overcontributed to my SEP IRA by $600 and I am showing a profit of that contribution of $100. The platform managing that account says that I should withdraw $700 from the account and withhold 10% for federal taxes, which I plan to do. After I make this withdrawal, should I update my SEP contribution in TurboTax to be the amount I contributed less the amount I withdraw, or should I leave the amount I contributed to my SEP as the full amount I contributed before the withdrawal?
