@hozefas wrote:
If I do not refund the excess, do I have to pay the 6% penalty in 2021? Do I have to keep paying the 6% penalty each year the excess remains in the account?
There is no 6% penalty for a 401(k) - the 6% penalty applies to IRA's.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
