Permalink Submitted by Alan - IRA critic on Mon, 2022-12-05 16:01
No. The excess removal does not count toward the RMD, but it still should be done this month, because if it is still in the SEP IRA at year end, it will be included in the 12/31/2022 balance for calculating the 2023 RMD. There is also the issue of potential 10% excise taxes if not removed by the extended due date for the year of the excess.
Permalink Submitted by Alan - IRA critic on Mon, 2022-12-05 16:01
No. The excess removal does not count toward the RMD, but it still should be done this month, because if it is still in the SEP IRA at year end, it will be included in the 12/31/2022 balance for calculating the 2023 RMD. There is also the issue of potential 10% excise taxes if not removed by the extended due date for the year of the excess.