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    Excess Contribution to SEP

    wendijaclene
    Level 2
    ‎09-15-2024 04:48 PM

    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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    This discussion has been locked. No new contributions can be made. You may start a new discussion here

    2 Comments 2
    qbteachmt
    Level 15
    ‎09-16-2024 11:36 AM

    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
    ‎09-21-2024 09:08 PM

    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.





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