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I made an excess contribution to my SEP-IRA for 1999 in the amount of $221. In January, I asked my broker to remove the excess, and due to earnings on the excess, the amount actually removed was $258.64.

My question is how to report the situation on my taxes. The simplest thing to do is to pretend it never happened. That is, when I get to the question, "Did you make a contribution to a SEP-IRA?", my answer will be "No." That is what I hope is the case.

But I have a sick feeling it might be the alternative: i.e., report the amount $221, and then subsequently report a distribution.

I know someone out there knows the answer to this simple question. Thanks to whomever you are!


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