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- Does proseries automatically calculate the penalty for SEP over contributions, or do I manually have to enter the information on form 5329?
Does proseries automatically calculate the penalty for SEP over contributions, or do I manually have to enter the information on form 5329?
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Camille1
Level 1
yesterday
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My client over contributed $14K in his SEP in 2023. He did not report it on his tax return. I entered his 2023 return with the excess contribution and proseries calculated the correct deduction but did not flag the overage with a penalty. Do I manually prepare form 5329 in order to calculate the penalty?
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George4Tacks
Level 15
yesterday
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Did they "fix" it? https://www.irs.gov/retirement-plans/sep-plan-fix-it-guide-contributions-to-the-sep-ira-exceeded-the...
Does the penalty still apply for 2024?
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