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Re: Solo-401k: Over-deposited, how to reverse?
This thread is now in the Personal Finance (Not Investing) forum (solo 401(k)).
Re: Solo-401k: Over-deposited, how to reverse?
I think you just tell Fidelity you need a corrective distribution for excess contribution and they do it for you. No big deal. My spouse is getting a corrective distribution and it was way too easy to do. I am assuming you went over the legal limit and not that you contributed less than the legal limit, but more than you wanted to.
Anybody can withdraw from their 401(k) and pay the tax and 10% penalty, so that option 1 is not really an option, is it?
Anybody can withdraw from their 401(k) and pay the tax and 10% penalty, so that option 1 is not really an option, is it?