I just found out that I contributed an excess of $547 into my 401k in 2019. I had 2 employers using 2 different brokers to manage 401k (Vanguard & Fidelity) Unfortunately, I'm no longer with either employer and I closed my 401k plans, rolled over 100% of the funds to IRA and consolidated all the money with a separate broker. r. I've been on the phone all day calling and explaining the situation and it's taking too much time and effort and each broker is pointing his finger at the other one to generate 1099R to fix the problem. I rather pay the 6% penalty and get over with this dilemma. Turbo Tax informed me about the excessive amount and how to fix it (1099R) but I don't want to deal with the 1099R headache of fixing this problem for the next 2 years (principal & earnings calculations, etc.). How can I force Turbo Tax to generate a 5329 and pay the penalty and get over with this complicated matter? I'm assuming it's a one time penalty on the $547 which is about $33? Right? Thanks!
