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Excess SEP IRA contribution - how to correct
I live in a Disaster Area so my 2023 taxes are not due until Feb. 3, 2025. My SEP IRA contribution for 2023 was made in 2024 and exceeded the allowable amount by $1,671.00. I contacted Fidelity Investments, where the SEP IRA is invested and asked to designate the amount of over-payment for 2023 as a 2024 contribution. They have yet to respond. If they have already prepared and sent the 1099-R showing all contribution as for 2023 what are my options? I do not want to withdraw the funds and am willing to pay the 10% penalty or $167.10. Do i report this via Form 5330. Thank you!!
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‎January 25, 2025
3:53 PM