@DanaB27 Thank you. Couple of questions:
- What does "your plan allows it then you can leave the fund in the account." mean? In my situation, there was a change in employers and my total contribution amount across both employers was ~ $300 over the 2024 contribution limit. Do I still need to figure out if either plan allows that?
- What does this part mean? "You can't include the excess amount in the cost of the contract even though you included it in your income."
- If I do not withdraw the excess contributions, should I expect any 1099 form this year or next? Also, does it increase the probability of an IRS audit?
- If I do decide to request withdrawal of excess funds from my current employer, how would they know if I over-contributed since the contribution through each employer was within the contribution limit?
