- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Excess 401k contribution in 2017. But plan administrators don't let me withdraw!
Excess 401k contribution in 2017. I changed job in 2017 and after I inputted both W-2, I exceeded the 18k. I notified both plan administration and both don't let me withdraw the excess contribution. What should I do?
I also read the following from IRA, but don't get what that means:
"Excess not distributed. If you don't take
out the excess amount, you can't include it in
the cost of the contract even though you included
it in your income. Therefore, you are taxed
twice on the excess deferral left in the
plan—once when you contribute it, and again
when you receive it as a distribution. " - https://www.irs.gov/pub/irs-pdf/p525.pdf (Page 10)
If they allowed me to withdraw, I would follow the following link to fix the issue: https://ttlc.intuit.com/questions/3877165-excess-401k-contribution-in-2016-should-i-report-it-using-...