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Roth TSP and Roth 401k (excess Deferral)
Hello,
In 2023 I exceeded the $22,500 contribution limit between my Roth TSP and Roth 401(k) accounts. The good news is that I was able work with my plan administrator to pull the excess contributions from my Roth TSP before the April 15 deadline.
However, I am unsure how this will affect my 2023 tax filing. Will I need to fill out a 1099R for 2023 or for 2024? Will I be taxed or penalized for over contributing? What should I do with the excess deferral?
March 24, 2024
12:00 AM