Hi Tax Experts,
I read the forum in
https://ttlc.intuit.com/community/retirement/discussion/over-contributing-401k-in-2022/00/2833535
for the topic of Over contributing 401k in 2022
My wife changed her job in 2022 and we landed up contribution to the limit of 20500 for 2022.
We are trying to get my wife company to call Fidelity to file for ROE. As we are working on that we have a tax deadline of April 15th.
Is it okay to file the taxes (will follow the below procedure for that and add the amendment in 2022 under the Misc section) when the ROE is being processed. Say the ROE is not processed by April 15th.
1. Is there a penalty for the same.
2. And we get a 1099-R for later should I be filling an amendment in 2023 or ignore as I have already filled in 2022 but still waiting for ROE work to be done?
"You must report the excess on your 2022 return regardless if you remove it or not. Please follow these steps to report a 2022 excess 401(k) deferral on your 2022 return:"
Thanks
Natesh
