In 2021 I was self employed and had no withholding. I overcontributed to my SEP IRA (20,000). I realized it and removed the excess allowable amount ($2,758) in early 2022. I did not deduct this amount on my 2021 taxes, I only deducted the allowable ($17,232). Box 7 on my form says 1 (early distribution).
Do I owe the tax for an early withdrawl as part of my 2022 taxes?
Could I have deducted the full 20,000 from my 2021 taxes?
How do I fix this?
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