Hi, so I am in a pickle at the moment. It is 4/14 and I am doing my taxes last minute online (turbotax, etc.) and I just realized that I overcontributed to my 401k by $1,465. I switched employers and miscalculated apparently. I could provide Fidelity with my W-2's to request a refund of the excess contribution but they said it would take 10-14 days to process, and filing for a tax deadline extension doesn't seem to apply to 401k overcontribution (from the research that I've done)....So it seems that I am SOL pretty much and won't be able to correct this properly by the deadline tomorrow, 4/15.
So, my question is essentially, what do I do now?
Do I just ignore it pretty much and just pay double taxes on that amount when I withdraw it at retirement? Should I make any adjustments to my taxes before I file them this year like adjusting my W-2 income or adding a 1099-R form even though I haven't received the overcontributed amount back? Should I still request that overcontributed amount to be withdrawn from Fidelity ASAP because there is an annual fee for every year it's in there (read mixed messages on this online)? Do I contribute $1,500 less than the limit to my 401k this year to offset the overbalance from this year (read this somewhere online too)?
There's so much conflicting and confusing info online, any help simplifying this on what I should do would be immensely helpful!
