I just realized I forgot to enter one of my 1099s for tax year 2022. When I prepare an amended return it shows that I can contribute more to my SEP since I have more self-employment income than I previously reported. Although TurboTax still maximizes the amount I can contribute to the SEP, it is past the deadline for contributing for the 2022 tax year. I would like to contribute the additional amount to the SEP to reduce the additional taxes I owe, but not sure I can do that. Will the IRS allow me to make a prior year contribution when I file an amended return that results in an increase in the amount I am allowed to contribute? I am not sure why TurboTax would increase the amount I can contribute if it is already past the filing deadline. Likewise, how would one handle the opposite situation in which an amended return results in reducing adjustable gross income resulting in lower maximum SEP contribution which in turn would result in having exceeded the maximum contribution made prior to the original filing?
