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April 3, 2025
Question

It says I have an excess contribution to a self employed retirement plan but it doesn't tell me what the excess is so I can withdraw it. Where would I find that?

  • April 3, 2025
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    2 replies

    April 3, 2025

    The maximum contribution to a SEP retirement plan is 25% of your net self-employed earnings up to $69,000.  You will need to figure out what 25% of your net earnings is and see if the amount you contributed is greater than that.  If it is the amount that is greater is the excess contribution.

     

    @wendytoups 

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    April 3, 2025

    Examine TurboTax's Keogh, SEP and SIMPLE Contribution Worksheet.