- I understand that for tax year 2022, the maximum 401k tax deferred contribution is $27,000 for people over 59.5 years old (I am 60 years old).
- I have two employers and two 401k plans. I had setup my contributions such that by the end of 2022 they reach near the maximum (about $26,000), $15,000 in one 401k account and $11,000 in the other.
- I have already gotten my last paychecks for 2022. I tallied my YTD 401k contributions and the employers matching contributions and they added up to around $26,000, just as I had planned.
- However just today, one of my employers decided to pay its employees a bonus. My bonus was $10,000, which was deposited directly into my 401k account.
- Now my total tax-deferred contributions exceed the maximum limit of $27,000 by almost $9,000. Since I am over 60, and since the interests earning on the excess contribution is minimal, could I just make a withdrawal of $9,000 from one of my 401k plans before the end of 2022 to resolve this issue?
Any help would be appreciated.
