I have this issue for 2020 taxes where I have excess 401k contributions across 2 different 401k providers and both providers refuse to distribute the excess deferrals saying that excess deferral requests must be made before 4/15 even though the tax deadline was extended to 5/17 for 2020. A turbotax advisor said that I will be taxed 6% on the excess 401k contributions until I'm able to get a disbursement of the excess amount. Is that true? If so that's horrifying and would potentially cause me to pay more in taxes than I ever contributed in the first place.
