- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Excess 401K contribution in 2023 but employer is removing excess funds prior to April 15th.
I over contributed to my 401K in 2023. I realized this as of March 2024. I contacted my old employer and they have notified Fidelity to make a distribution in 2024 removing the excess contribution in 2023. They have indicated that I will receive a 1099-R in 2025 from Fidelity. How do I report this on my 2023 tax return and if I roll this over into my IRA will I owe taxes on it?
Thank you for your help.
‎April 13, 2024
7:38 AM