https://ttlc.intuit.com/community/retirement/discussion/excess-sep-contribution-2019/01/1453908#M101669 <P>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.&nbsp; 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.&nbsp; How do I do that and what are the implications?&nbsp; Are there taxes to be paid, etc.?</P> Mon, 13 Apr 2020 13:21:22 GMT tzvikabet 2020-04-13T13:21:22Z https://ttlc.intuit.com/community/retirement/discussion/excess-sep-contribution-2019/01/1453908#M101669 <P>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.&nbsp; 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.&nbsp; How do I do that and what are the implications?&nbsp; Are there taxes to be paid, etc.?</P> Mon, 13 Apr 2020 13:21:22 GMT https://ttlc.intuit.com/community/retirement/discussion/excess-sep-contribution-2019/01/1453908#M101669 tzvikabet 2020-04-13T13:21:22Z https://ttlc.intuit.com/community/retirement/discussion/re-excess-sep-contribution-2019/01/1457270#M101773 <P>In reference to your excess,&nbsp;you must indicate you will remove the excess this year.&nbsp; Next year you will receive a 1099-R&nbsp; for the distribution to report on your&nbsp;&nbsp;2020 income tax return.&nbsp; The distribution code will indicate that is a return of your contribution that will not be taxable.</P> Mon, 13 Apr 2020 18:23:51 GMT https://ttlc.intuit.com/community/retirement/discussion/re-excess-sep-contribution-2019/01/1457270#M101773 AlanT222 2020-04-13T18:23:51Z