DanaB27
Expert Alumni

Retirement tax questions

Since you cannot remove the excess by April 15th it might be easier to assume that all excess was made to the pre-tax accounts and enter $6,000 as the 2024 excess deferral. The $6,000 will be added to your wages on line 1h of Form 1040.

 

If you assume the excess was in the Roth 401k and cannot withdraw it by April 15th, 2025 then the excess contribution and attributable gains are the first amounts distributed from the Roth 401(k) and are taxable regardless of when they are distributed. You would have to keep track of this and remember to report it when you take the first distributions.

 

@ASBB2024 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"