JimFisher
Returning Member

Retirement tax questions

@dmertz the plan admin from the first employer asked me to submit a letter so that they can process. I will let you know how things go.. 

 

>>>
You could consider leaving the excess contribution in and just report it as taxable income on your 2022 tax return. 

 

Does IRS require us to report the over paid contributions as taxable income in this year? If I were to pursue this option, I am guessing I have to report the employee part of the excess contribution as taxable income. correct? 

Leaving the contributions (employee + employer) in a down market time and for few years may actually end up being net positive at retirement even if I have to pay taxes..