Hello,
I am in a situation where I have over contributed to the 401K limit for 2018 ($18,500) between two (2) separate 401K plans for two (2) separate companies that I currently work for (and have been working for each for the past 5 years). I asked one of my company's 401K Plan Administrator to remove excess salary deferral amount of $500, in which the Plan Administrator responded with , "Account has completed testing and compliance for the year. Correction can not be done on our side." When I asked my other company's 401K Plan Administrator I get the same response. Both Plan Administrators from each company is looking at their information and saying that they are "In compliance" and that the excess salary deferral can not be taken out, because I did not ask them BEFORE April 15th. How do I go about getting the excess salary deferral amount of $500 (to put me under the $18,500 limit for 2018) from one of my two current 401K Plan Administrators? This way I will get double taxed on only when the $500 was over the limit (2018) and removed (hopefully 2019). I am not trying to get double taxed (2018 which already occured) in 40 years when I retire and get taxed on the earnings of the $500 stemming from 2018.
Thank you very much for your time and assistance.
- Matthew4
