I deposited 20k in my SEP on 3/29/2020. A week later, I realized I was over my contribution limit for 2018 and took the 20k back out. Unfortunately, I did not go thru proper procedures with Vanguard and, as such, it was reported as a withdrawal in 2019. I never claimed the 20k deposit on my taxes. I could claim $9,900 of it on my 2019 taxes (not yet filed) and $7650 on my 2018 taxes if I wanted to file an amended return.
Don’t really know how to fix this. Should I just wait to get audited and attempt to explain that to the IRS?
Thanks for your help!
