Contributed too much in SEP for several years

[Gracie2025]

Starting on my 2021 taxes, I made an error on our tax returns which affected my Biz Income that was reported.  I discovered this mistake this month and realized I made the same mistake every year since.  My Gross Income was over reported.  I then contributed too much in my SEP for each of those years.  I haven't determined how much...probably a few hundred each year.  

Is it worth it to do an amended return for each of those year which would result in refunds, but would also then have a penalty from the overpayment?   Thanks.

[DavidD66]

I don't know about "worth it", but it is the correct way to deal with the situation.  Even if you don't want to file amended returns, you need to withdraw the excess contributions and report the excess contributions on Form 5329, and pay the excise tax of 6% per year on the over contributions.  The excise tax accrues each year until it is withdrawn.