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Level 1
posted Apr 19, 2022 5:07:15 AM

How to report overcontribution to 403b after filing taxes for 2021

I over contributed in 2021.  I had two employers.  Since I did not realize this until after tax deadline, neither plan is allowed to return the excess to me.  How do I go about reporting excess contribution? Detailed help is much appreciated. Thank you!

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2 Replies
Level 15
Apr 19, 2022 5:49:03 AM

@rsiy 

your wages will be reduced only by the maximum allowed contribution.

After that there is nothing to do.

Level 1
Apr 19, 2022 6:36:26 AM

Hi fanfare, thanks for responding. Just to clarify, I am talking about last year's taxes, where I got a new job resulting to over contribution. 

 

So you mean to say I don't have to send IRS anything? They will just automatically taxed for the excess?