Question
Where do you account for Excess SEP Contributions in Proconnect?
The Employer contributed $625.00 in excess SEP Contributions in 2021 which the max is 25% of W2 wages. Can the excess be used to reduce the 2022 contribution or does it need to be reported in the personal return. The Company return will only deduct the amount allowed and the excess should not be deducted. Since the amount is minor how can the error be corrected?
