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wendijaclene
Level 2
September 15, 2024
Question

Excess Contribution to SEP

  • September 15, 2024
  • 1 reply
  • 4 views

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

    This topic has been closed for replies.

    1 reply

    qbteachmt
    qbteachmt
    Level 15
    September 16, 2024

    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
      Drphibes
      Level 6
      September 22, 2024

      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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