Retirement tax questions

You must request a return of the excess amount from one of the plans.  You should then get a corrected W-2 from that employer showing the smaller deferral and higher taxable income.  

 

If you don't have the excess returned to you, the consequence is that it will be added back to your taxable income on your tax return (the excess is not deductible) plus you will pay tax on the money again when you retire.