Did you have enough self employment profit to make a $2500 SEP contribution?
Is $11,000 the PROFIT? What is on Line 31 of Schedule C?
Who recommended to deposit 11%???
I have to check line 31. A Schwab professional. Can anything over count for my W2 job? Or can it be counted in 2019? The deposit was made in March 2019.
11% of $11,000 is $1210, so why did you contribute $2500 (almost 23%)?
The maximum SEP is roughly 18.5% of your business profit. So I have no idea why that person said 11%, as that seems completely random.
File an extension, and I *THINK* you can ask them to "remove excess contribution" (you can definitely do that today, before the April 15th due date, but I'm not quite sure if you can do that for a SEP after April 15th).
You don't enter it in the IRA contribution section. It is in the Business Income & Deductions section under Self-Employed Retirement Plans.