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Profit Sharing Contribution deposited to SEP in error

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  • 1 month later...

If the error was the depositing institutions they may (or may not)coreect it and all of the paperwork. Assuming SEP contributions are not being made for other eligible employess, then the excess should be included o the W-2 form (or treated as EI is self-employed) and remnoved as an excess contribution under the IRA rules. The amount cannot be transferred from the SEP to the QP (it must be contributed by E/er to be deductible).

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