Hello all,
I had two employers during the 2022 tax year (A & B), and my second employer (B) has a generous 401K match. I wanted to maximize my contribution at B and withdraw from my first employer, however the first employer is refusing. I spoke with the first employer's 401 administrator, and the administrator is speaking to them to see if they will change their mind.
Based on this thread, it looks like neither employer is required to allow the withdrawal legally as no employer has individually permitted the excess. Is that understanding correct?
Assuming this is the case, is it worth paying the extra fees and double tax for the excess contribution for B? Employer B has matched 50% of the contribution.
