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Level 1
posted Apr 13, 2023 2:10:53 PM

Overcontribute SEP IRA

Hi,

 

I have overcontributed in SEP IRA in Year 2022. I realized it when filing taxes and withdraw the excess contributions (a week back so in 2023). The excess contributions that i have received back has around 300$ losses. What I understand reading on forums is that since I did not have any profit on this excess contribution I do not need to report it on my Year 2022 taxes and I can only report the contribution that is left (after i withdraw my excess contribution) in my taxes. Is that correct understanding or do i need to report this activity anywhere? If I need to can you please advise how can I do that in Turbo Tax? Thanks

0 1 351
1 Replies
Expert Alumni
Apr 13, 2023 2:40:21 PM

As you have withdrawn the excess contribution before the tax due date, there is nothing to report on the excess contribution on your 2022 tax return.

 

The loss on the excess contribution is not deductible.