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Level 2
posted Apr 19, 2020 11:11:49 AM

I contributed too much to my SEP-IRA

i contribute to my SEP-IRA every quarter when I pay my estimated taxes.

Up till now, I have always ended up contributing less than the maximum during the year and have made up the difference with an extra contribution before the deadline.

This year, for the first time, I contributed too much - I think it must be because the new qualified business deduction reduced my taxable income.

 

What do I do to fix this mistake?

0 2 476
2 Replies
Not applicable
Apr 19, 2020 1:23:49 PM

the law says you have until the due date of the return including xtensions to withdraw the excess + earnings thereon. 

 

earnings taxable in 2019.

Level 2
Apr 19, 2020 1:43:07 PM

Thanks so much!

Do I talk to Vanguard? They are who is managing the SEP.