I work as a Notary, and so I am exempt from self-employment tax. I would like to know if I overcontributed to my 401K. I am over 50 and contributed $24,500 as an employee and $7500 as an employer. I am uncertain if the employer matching contributions have to be 20 or 25 percent of the net earnings. I have my own unincorporated business. My net earnings are $26,624. I called my custodian to see if I could withdraw some of the employer matching contributions, but apparently, it is difficult to do, and I could be charged a 10% penalty for the excess contribution. I tried to work with the Keogh Sep Worksheet but found it difficult to estimate the adjustment amount. Thanks in advance for your help.
