I think I overfunded a SEP IRA, but TurboTax isn't flagging it. If I did, how do I know and how do I file form 5329?

[dmertz]

Uncorrected excess SEP contributions are reportable on Form 5330, not Form 5329.  No version of TurboTax supports Form 5330.  The penalty is 10%, not 6%, of the excess amount.

If you enter an excess SEP-IRA contribution into TurboTax under Business Deductions and Credits, TurboTax will inform you that you have made an excess contribution.  Any amount contributed to a SEP-IRA beyond the deductible amount (or, in the case of a Roth SEP contribution, the amount that would be deductible if it had been a traditional SEP contribution instead), is an excess contribution if it is not timely corrected.

[bick93]

Obviously I'm going to correct it before the deadline. It's my understanding that moving the excess money out of the SEP generates a 1099-R and I need to file a 5329 with the correction so the IRS knows the distribution isn't taxable and it's correcting an over-contribution. Does anyone know how to do a 5329 on TurboTax? I can't find it anywhere. 

As a side note...if you only have SEP contributions it seems to find an over-contribution. But if you mix in more than one self retirement account it gets confused and thinks everything is fine. 

[dmertz]

Form 5329 does not apply to this situation.