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Retirement tax questions
I would suggest you notify your plan administrator about removing the excess funds by April 15, 2019 (or an earlier date specified in the plan), of the amount to be paid from each plan. Per IRS, the plan must then pay you that amount, plus earnings on the amount through the end of 2018, by April 15, 2019. This is the same treatment as the excess salary deferral. Please also visit <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p560.pdf">https://www.irs.gov/pub/irs-pdf/p560.pdf</a> - page 17 "Treatment of Excess Deferrals".
‎June 1, 2019
12:24 PM