Thanks for update. Do you have any insights on the below as it is crossed Apr 15th dead line.
b) My employer/plan administrator says, the withdrawal amount will be considered as early withdrawal of 2021 contribution and not 2020 contribution. In addition, Federal tax and state tax has to be paid along with early with drawl penalty. Is it true? Will this be early withdraw and penalty will be applied?
c) What happens if existing 401K excess contributions to convert to Traditional/Rota IRA? Do I need to still pay the penalty?
d) What happens if I keep excess 401K contributions in 401k account as I have already added excess contribution in misc. additional income and paying taxes for same amount in this year return.
