401k Overcontribution Question

[Telecommuter]

• I understand that for tax year 2022, the maximum 401k tax deferred contribution is $27,000 for people over 59.5 years old (I am 60 years old).
• I have two employers and two 401k plans. I had setup my contributions such that by the end of 2022 they reach near the maximum (about $26,000), $15,000 in one 401k account and $11,000 in the other.
• I have already gotten my last paychecks for 2022. I tallied my YTD 401k contributions and the employers matching contributions and they added up to around $26,000, just as I had planned.
• However just today, one of my employers decided to pay its employees a bonus. My bonus was $10,000, which was deposited directly into my 401k account.
• Now my total tax-deferred contributions exceed the maximum limit of $27,000 by almost $9,000. Since I am over 60, and since the interests earning on the excess contribution is minimal, could I just make a withdrawal of $9,000 from one of my 401k plans before the end of 2022 to resolve this issue? 

Any help would be appreciated.

[Critter-3]

Talk to the current employer and get the excess contribution reversed ASAP.  If you do not have this corrected before 4/15/23 you cannot get it corrected at all so you will pay taxes on the same money twice and there is no way around it.  

https://www.fool.com/retirement/plans/401k/over-contribution/

If you already got your last paycheck for 2022 then it is possible this contribution will be reported on the 2023 tax year ... talk to the employer monday. 

[dmertz]

Your employer is not permitted to deposit the whole $10,000 bonus as an elective deferral.  The employer must follow your election, either as a one-time deferral that you explicitly requested (which you apparently did not request) or as the percentage of your pay that you had elected.

Was this instead an employer profit-sharing contribution and not an elective deferral from your compensation (i.e., not supplemental wages)?  The $27,000 limit is only for your elective deferrals (combined between your two employers).  Employer contributions are subject to per-plan limits which your employer is required to enforce.   Matching contributions are also employer contributions.  Although matching contributions are related to your elective deferrals, they are not elective deferrals are not a factor in determining whether or not you have exceeded the $27,000 elective-deferral limit.