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Get your taxes done using TurboTax
You'll need to report the $459 as Other miscellaneous income. Nothing else needs to be done. The "penalty" will be that the $459 will be taxed a second time when eventually distributed as a regular distribution. (The excess deferral does not become after-tax basis in the 401(k)).
‎April 9, 2024
5:10 AM
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