CarolC
Level 6

Retirement tax questions

Yes, you can withdraw the excess before taxes are due.  "Employees who withdraw the excess contribution (plus earnings) before the due date for their federal return, including extensions, will avoid the 6% excise tax imposed on excess SEP contributions in an IRA."

Click the IRS link below for more information.

https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps-contributions