In my very first year of contributing to a self-employed SEP IRA (2024), I contributed an excess of $X (misunderstanding that the contribution was limited by NET, not GROSS earnings). I have concluded that I must file Form 5330 and have figured myself the tax owed (10% of X) BUT do I need to withdraw (ie take a distribution) from my SEP IRA also? Thanks for any general observations you may have on this topic, even if not direct advice for my scenario.
