Dear all,
Due to job changes I over contributed my 401k (two employers and two 401k management companies). I have a few questions and hope to get some information from your experts. (I do have knowledge about the general actions need to take, some deeper and details that I wish to have clarifications, TIA.)
1) Does it matter which plan I ask for return the excess contributions (ROE) ? Or it has to be the most recent plan?
2) If both employer has 401k matching, (say, I over contributed 5K and employer matched 2K), will the 401k company return ONLY my excessive contributions OR it will return both my excess over contribution PLUS the employer matching? (even though employer matching will not count towards the limit?)
3) If either single plan is over the limit, can I leave it as is and let turbo tax figure out the excessive amount and pay appropriate tax accordingly? Will IRS penalize me on this?
4) What is the deadline to file for ROE? (03/1/2022 or 04/15/2022)?
I appreciate your advice.
Dave
