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Accidentally Deposited into 401k and Withdrew Immediately - Options?
I accidentally deposited $6,000 into my 401k account as it is linked with other investment accounts. Once I realized this error I immediately made a rash decision and transferred it to the correct account. Now when filling taxes I have to report a $6,000 deposit and a $6000 withdraw to and from the 401k. Is there any routes around this or do I just need to accept the penalty of my error. I am unsure of what options I have to avoid the penalty if any. Any help and insight is much appreciated!
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May 25, 2020
2:03 PM