For the fiscal year 2019 I just found that I have ended up contributing a slightly higher pre-tax dollar amount than the allowed limit of $19,000. This happened because I switched job in middle of year and ended up doing a little miscalculation to maximize the contribution. I stopped contributing to the older 401(K) and started contributing to the new 401(K).
What is the best course of action to fix it now? Should I withdraw the extra fund from my current employer sponsored 401(K)? I am assuming I would have to pay tax on that withdrawal and would receive a 1099-R from the 401(K) in my tax preparation.
Need some guidance. Thanks
