Over Contribution on 401k

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boxerbali
Posts: 79
Joined: Wed Oct 14, 2015 12:48 am

Over Contribution on 401k

Post by boxerbali » Thu Sep 13, 2018 10:29 pm

So DW changed the job and forget to keep the track of contribution at two different companies. And end up contributing 1K more then IRS limit ( both companies combined)

What are our options ?

PFInterest
Posts: 2098
Joined: Sun Jan 08, 2017 12:25 pm

Re: Over Contribution on 401k

Post by PFInterest » Fri Sep 14, 2018 7:25 am

gotta get it out.

boxerbali
Posts: 79
Joined: Wed Oct 14, 2015 12:48 am

Re: Over Contribution on 401k

Post by boxerbali » Fri Sep 14, 2018 12:44 pm

PFInterest wrote:
Fri Sep 14, 2018 7:25 am
gotta get it out.
How ?

tesuzuki2002
Posts: 490
Joined: Fri Dec 11, 2015 12:40 pm

Re: Over Contribution on 401k

Post by tesuzuki2002 » Fri Sep 14, 2018 4:35 pm

boxerbali wrote:
Fri Sep 14, 2018 12:44 pm
PFInterest wrote:
Fri Sep 14, 2018 7:25 am
gotta get it out.
How ?
Contact one of the servicers and let them know you over contributed and you need to pull out $1K worth of contribution from the previous year.

You'll pay for Gains and will probably need to file amended tax return when you get it done.

Spirit Rider
Posts: 8564
Joined: Fri Mar 02, 2007 2:39 pm

Re: Over Contribution on 401k

Post by Spirit Rider » Fri Sep 14, 2018 5:07 pm

I don't know if it is an IRS regulation or not, but my experience was that plans wouldn't return excess contributions and earnings until after the end of the year (12/31). Sometimes not until after W-2s are received.

boxerbali
Posts: 79
Joined: Wed Oct 14, 2015 12:48 am

Re: Over Contribution on 401k

Post by boxerbali » Sun Sep 16, 2018 9:11 pm

Spirit Rider wrote:
Fri Sep 14, 2018 5:07 pm
I don't know if it is an IRS regulation or not, but my experience was that plans wouldn't return excess contributions and earnings until after the end of the year (12/31). Sometimes not until after W-2s are received.
This is for current year !Will call the provider and see what happens. We will call second provider as that is where DW currently works.
Thanks all for the inputs.

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