topic I had an excess sep ira contribution for tax year 2015 (contributed in March 2016). If I decrease my 2016 SEP IRA contribution, are there any forms besides a 2015 1040X? in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/i-had-an-excess-sep-ira-contribution-for-tax-year-2015-contributed-in-march-2016-if-i-decrease-my/01/672953#M64167 <P>I made a mistake in using Turbotax where I added my self-employed consulting income twice. This resulted in greater taxes, but also an excess SEP IRA contribution. I am working on the 2015 1040X. Do I need to fill out a 5329 or 5330 for 2015? I am hoping I can do the 1040X with the corrected income and file with the correct SEP IRA contribution. I hope to then decrease my 2016 SEP IRA contribution. Does this sound correct?</P> Thu, 06 Jun 2019 10:33:03 GMT snowbird925 2019-06-06T10:33:03Z I had an excess sep ira contribution for tax year 2015 (contributed in March 2016). If I decrease my 2016 SEP IRA contribution, are there any forms besides a 2015 1040X? https://ttlc.intuit.com/community/retirement/discussion/i-had-an-excess-sep-ira-contribution-for-tax-year-2015-contributed-in-march-2016-if-i-decrease-my/01/672953#M64167 <P>I made a mistake in using Turbotax where I added my self-employed consulting income twice. This resulted in greater taxes, but also an excess SEP IRA contribution. I am working on the 2015 1040X. Do I need to fill out a 5329 or 5330 for 2015? I am hoping I can do the 1040X with the corrected income and file with the correct SEP IRA contribution. I hope to then decrease my 2016 SEP IRA contribution. Does this sound correct?</P> Thu, 06 Jun 2019 10:33:03 GMT https://ttlc.intuit.com/community/retirement/discussion/i-had-an-excess-sep-ira-contribution-for-tax-year-2015-contributed-in-march-2016-if-i-decrease-my/01/672953#M64167 snowbird925 2019-06-06T10:33:03Z Since your SEP contribution was made in March 2016, you c... https://ttlc.intuit.com/community/retirement/discussion/since-your-sep-contribution-was-made-in-march-2016-you-c/01/672960#M64168 <P>Since your SEP contribution was made in March 2016, you can allocate the portion that was not a deductible contribution for 2015 as a contribution for 2016 instead.&nbsp; The SEP-IRA custodian only tracks and reports&nbsp;the year <I>in</I> which a contribution is made, not <I>for</I> which the contribution is made.&nbsp; It's your responsibility to track the year for which contributions are made.&nbsp; If your 2016 self-employment profit is sufficient, you should end up with no nondeductible contribution that would need to be reported on Form 5330.<BR /></P> Thu, 06 Jun 2019 10:33:05 GMT https://ttlc.intuit.com/community/retirement/discussion/since-your-sep-contribution-was-made-in-march-2016-you-c/01/672960#M64168 dmertz 2019-06-06T10:33:05Z
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topic I had an excess sep ira contribution for tax year 2015 (contributed in March 2016). If I decrease my 2016 SEP IRA contribution, are there any forms besides a 2015 1040X? in Retirement tax questions
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https://ttlc.intuit.com/community/retirement/discussion/i-had-an-excess-sep-ira-contribution-for-tax-year-2015-contributed-in-march-2016-if-i-decrease-my/01/672953#M64167
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<P>I made a mistake in using Turbotax where I added my self-employed consulting income twice. This resulted in greater taxes, but also an excess SEP IRA contribution. I am working on the 2015 1040X. Do I need to fill out a 5329 or 5330 for 2015? I am hoping I can do the 1040X with the corrected income and file with the correct SEP IRA contribution. I hope to then decrease my 2016 SEP IRA contribution. Does this sound correct?</P>
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I had an excess sep ira contribution for tax year 2015 (contributed in March 2016). If I decrease my 2016 SEP IRA contribution, are there any forms besides a 2015 1040X?
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https://ttlc.intuit.com/community/retirement/discussion/i-had-an-excess-sep-ira-contribution-for-tax-year-2015-contributed-in-march-2016-if-i-decrease-my/01/672953#M64167
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<P>I made a mistake in using Turbotax where I added my self-employed consulting income twice. This resulted in greater taxes, but also an excess SEP IRA contribution. I am working on the 2015 1040X. Do I need to fill out a 5329 or 5330 for 2015? I am hoping I can do the 1040X with the corrected income and file with the correct SEP IRA contribution. I hope to then decrease my 2016 SEP IRA contribution. Does this sound correct?</P>
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Since your SEP contribution was made in March 2016, you c...
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https://ttlc.intuit.com/community/retirement/discussion/since-your-sep-contribution-was-made-in-march-2016-you-c/01/672960#M64168
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<P>Since your SEP contribution was made in March 2016, you can allocate the portion that was not a deductible contribution for 2015 as a contribution for 2016 instead.&nbsp; The SEP-IRA custodian only tracks and reports&nbsp;the year <I>in</I> which a contribution is made, not <I>for</I> which the contribution is made.&nbsp; It's your responsibility to track the year for which contributions are made.&nbsp; If your 2016 self-employment profit is sufficient, you should end up with no nondeductible contribution that would need to be reported on Form 5330.<BR /></P>
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