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Sollo 401k Over contribution options
In the first week of March 2024, I made a deposit to a solo 401K for TY2023. A few days later I realized I miscalculated and contributed too much. The total is more than my 2023 income permits, but well below the annual maximum contribution allowed. Question: Is my only option to request an excess contribution withdrawal or can I report the correct contribution on my 2023 taxes and designate the remainder as a 2024 contribution? I already have enough 2024 income to allow the amount I would count towards 2024.
According to my brokerage, their computer system only allows the contribution to be marked in their system as a 2024 contribution regardless of what year I use it for.
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March 28, 2024
10:43 AM