Please be aware, if you do not take out the excess amount by April 15th, then you are taxed twice on the excess deferral left in the plan. This happens once when you contribute it (with the steps I provided) and again when you receive it as a distribution. You can't include the excess amount in the cost of the contract even though you included it in your income.
Please see Pub 525 for additional information.
@Aminy
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