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Deductions & credits
Thank you all. Let me make sure that I understand what this means on a practical basis. First, I have to amend my taxes to reflect that amounts contributed to my 401(K) above the $22,500 level are taxable income. Second, I can (and probably should) withdraw the excess contributions to the Roth, because they are no longer entitled to the sheltering of earnings they otherwise would have received on distribution.
May 8, 2024
12:45 PM