No. If you do not plan to have the excess deferral removed from your plan by April 15th, then do not change your W2. However this will trigger an additional penalty for you.
- In brief, excess elective deferrals not distributed from a 401(k) plan by April 15 of the calendar year following the calendar year in which they were contributed will be taxed twice and may be subject to an additional 10% tax on early distributions.
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