Here is my problem. My wife had two different employers in 2023. Both contributed $22,500 to a combination of traditional 401K and Roth 401K. We confirmed this only after we filed our taxes (turbotax did give the notice) and after April 15th, 2024.
What do we do now? As I understand it, we need to figure out how much was contributed to the traditional 401K and pay tax on that amount plus earnings on those contribution. (No idea how I would calculate that? Is there still a 6% penalty as well?). Then we can leave the traditional 401K contribution in the retirement fund. For the Roth 401K presumably we have to remove the contribution, but neither the employer nor the plan manager (Vanguard) seems willing to do that.
Any help would be much appreciated! (I can't believe this does not happen to a lot of folks).
Thanks!!!!
