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Retirement tax questions
Yes, there are some implications. You will be taxed on the amount overcontributed in the year of the contribution. You will also be taxed in the year that the correction is made as well as on any earnings that occur during the year that the overcontributed funds remain in the 401(k) plan account. Be sure to notify your plan that there was an overcontribution in 2023. Since you are over 59 1/2, you will not be subject to the additional 10% early withdrawal tax.
Please see this IRS link for more details.
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May 3, 2024
1:16 PM