Your SEP contributions are limited to 25% of your net self-employment earnings. However, you may be able to make an IRA contribution up to a limit depending on your age and income. I suggest you enter the $5,000 in TurboTax as a traditional IRA contribution and see if it is allowed without incurring a penalty. If so, your can have the SEP contribution recharacterized as a traditional IRA contribution, otherwise you will have to withdraw the excess contribution.
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