SEP Reversal??? | Ed Slott and Company, LLC

SEP Reversal???

I became a principal of a firm this year and was informed I would recieve a 1099 for income. I have now been informed that my income is going to be recharacterized as a loan. I already set up a SEP, rolled over my 401K into it and contributed significant dollars. Is there a way to reverse the contributions? Or am I stuck with a penalty?
 

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