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?
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?
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.