I contributed $10,000 to my SEP in June 2019 thinking this would be one of the contributions to the fund and would add more during the year based on income. It turned out that when I did my taxes with Turbo Tax it told me I over contributed and must withdraw $4835- as a excess contribution. How do I do that and what are the implications? Are there taxes to be paid, etc.?
In reference to your excess, you must indicate you will remove the excess this year. Next year you will receive a 1099-R for the distribution to report on your 2020 income tax return. The distribution code will indicate that is a return of your contribution that will not be taxable.
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