help! over contributed to solo Roth 401k

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
Posts: 1
Joined: Mon Apr 15, 2019 7:33 pm

help! over contributed to solo Roth 401k

Post by financenewbie8888 » Mon Apr 15, 2019 7:55 pm

Hi all,

I over contributed to my solo Roth 401k. I did not surpass the overall limit, but i contributed too much for the amount of money I made after paying self employment taxes.

I searched online but not much info out there on how to deal with this issue.

-Could I just ask Vanguard to earmark the funds towards this year instead of last year (when I overpaid?) Will I face a penalty?

-This money was already taxed so it should affect my returns, so do I need to amend my taxes?

Thanks in advance,

A finance newbie

Posts: 2255
Joined: Wed Jul 10, 2013 2:59 pm
Location: Metro ATL

Re: help! over contributed to solo Roth 401k

Post by niceguy7376 » Mon Apr 15, 2019 8:02 pm

Welcome to the forum.
It might be too late to get any relevant info before midnight of April 15 2019.
Please do provide more details with numbers so that the scenario could be understood more clearly.

Type of solo business - sole prop or S Corp
Amount Earned.
Wages if any
Amount contributed to Solo 401k
How do you now think you over contributed

User avatar
Posts: 811
Joined: Wed Apr 22, 2009 7:07 pm
Location: Atlanta

Re: help! over contributed to solo Roth 401k

Post by southerndoc » Mon Apr 15, 2019 8:06 pm

Are you factoring in what you contributed as an employee (max $18,500 as long as you made that much)? I'm assuming you're only talking about the employer portion.

Spirit Rider
Posts: 10305
Joined: Fri Mar 02, 2007 2:39 pm

Re: help! over contributed to solo Roth 401k

Post by Spirit Rider » Mon Apr 15, 2019 9:06 pm

Immediately file an extension! You can do it online at the IRS.

Then the solution depends what type of over contribution and whether the over contribution was in 2018 or 2019.

Post Reply