https://ttlc.intuit.com/community/self-employed-group/discussion/1099-r-help-needed/01/2911559#M8648 <P>In 2021 I was self employed and had no withholding.&nbsp; I overcontributed to my SEP IRA (20,000).&nbsp; I realized it and removed the excess allowable amount ($2,758) in early 2022.&nbsp; I did not deduct this amount on my 2021 taxes, I only deducted the allowable ($17,232).&nbsp; Box 7 on my form says 1 (early distribution).&nbsp; &nbsp;</P><P>Do I owe the tax for an early withdrawl as part of my 2022 taxes?</P><P>Could I have deducted the full 20,000 from my 2021 taxes?</P><P>How do I fix this?</P> Mon, 23 Feb 2026 11:37:01 GMT fernabrams 2026-02-23T11:37:01Z https://ttlc.intuit.com/community/self-employed-group/discussion/1099-r-help-needed/01/2911559#M8648 <P>In 2021 I was self employed and had no withholding.&nbsp; I overcontributed to my SEP IRA (20,000).&nbsp; I realized it and removed the excess allowable amount ($2,758) in early 2022.&nbsp; I did not deduct this amount on my 2021 taxes, I only deducted the allowable ($17,232).&nbsp; Box 7 on my form says 1 (early distribution).&nbsp; &nbsp;</P><P>Do I owe the tax for an early withdrawl as part of my 2022 taxes?</P><P>Could I have deducted the full 20,000 from my 2021 taxes?</P><P>How do I fix this?</P> Mon, 23 Feb 2026 11:37:01 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/1099-r-help-needed/01/2911559#M8648 fernabrams 2026-02-23T11:37:01Z