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Other financial discussions
Contributions to your 401K are not a repayment. You should suspend contributions to your 401k to make the repayment. Your place of employment may have a simple solution available for you. Contact your employer for help in determining correct amounts for deferral and repayment. This affects your w2 as well. You may need a corrected w2. Chances are, if you did nothing to prepare for this, it is too late for 2021 and you need to plan now for 2022. For more see Q7 Coronavirus-related relief for retirement plans and IRAs and the 3 year repay restriction.
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March 31, 2022
2:31 PM
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