Without realizing, I exceeded the 23,500 401k limit. Please advise how to update all to get right and avoid unnecessary taxes.
Being over 65, I am wondering if the overage can be put into line 6c which is the catch-up line. The overage is under the catch-up limit.
If necessary, having the plan admin reduce out the difference but then does that require a new W2 and or at least updating the form in TT (getting a new W2 sent by them to IRS also)?
This would change my tax rate but could offset by the overage tax.
Better option:
When I put into the 6c, the red colors go away. What I don't know is if the W2 needs to change for this (a different letter code to identify as catch-up) or if it's all done by simply moving the amount to 6c.
Thanks in advance for good direction to simplify work and avoid tax complications.
