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Excess Contribution to SEP

wendijaclene
Level 2

My client in on extension and has an excess contribution to a SEP IRA - How do I report this in ProConnect?

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2 Comments 2
qbteachmt
Level 15

Why not have them submit for a corrective distribution? They have until the filing due date. Then it would be moot. You would report it in 2025 for 2024, since there will be a 2024 1099-R issued for it, but it's moot if it's done by the deadline now.

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Drphibes
Level 7

Yup,

Just had one of those not 4 days ago for a client on 2023 extension.  They are doing corrective action to move the excess to 2024.