Help!
Background: I'm self-employed (only employee) with a Schedule C business, and have both a Solo 401K plan and Solo Defined Benefit Retirement Plan. For the 2019 tax year I maxed out the Solo 401K contributions with an Employee contribution of $25K ($19K + $6K catch up), plus an Employer Contribution (Profit Sharing) of $37K, for a total of $62K. All contributions were made in April 2020 for the 2019 tax year, and I just filed my 2019 return.
Problem: I just learned that with both a Solo 401K and Defined Benefit Plan, the Employer Contribution should be limited to 6% of my self-employed income, so my Employer Contribution (Profit Sharing) contribution is too high for 2019.
Question: How do I request a return of the excess Employer Contribution from my Solo 401K in compliance with IRS rules? I just made the contributions 3 weeks ago. I don't want to be hit with an excise tax for contributing too much.
Thanks in advance for any insight / recommendations!!
