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Retirement tax questions
Thanks for the response. After I posted, I also saw a couple of other posts and I wanted to confirm something before I proceed.
1. I can call the 401 Account Manager and ask for the $600 excess deferral to be returned to be, show that as income as suggested and add additional 10% of $600 as income due to early withdrawal or
2. I can ask the excess $600 to be used for this years (2021) 401K, show $600 as income as suggested in 2020 taxes.
Are either of these correct? I also keep seeing about some 6% penalty so not sure where and on which option it would apply.
Thanks
‎July 25, 2021
6:21 PM