LindaB1993
Expert Alumni

Retirement tax questions

 

 

You can ask any of the 401k plans to which you contributed in 2019 to return the excess deferral, and not necessarily the last one to which you contributed.

 

If the total of your elective deferrals is more than the limit, you can have the difference (called an excess deferral) returned to you from any of the plans that permit these distributions.

 

Check your plan documents to see if the company has an after tax option, not all companies do. This isn't the same as the Roth 401K option. The after tax option will not save on taxes this year, and it will not grow tax deferred, but it will allow you to maximize the company match with your new company.

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