I switched jobs and over contributed my 401k between the two.
I am trying to withdraw the excess deferral from my current plan. I have $1,227 in Roth and more than enough in the pre-tax to cover to balance.
I know the Roth has to be withdrawn first. My question is what amount do I include as other miscellaneous income? The entire $2,813 or just $1,586 because the $1,227 was already taxed as a roth contribution?
I want to get this fixed ahead of the tax deadline to avoid the double taxation. Thanks!
As I understand your question, you have a total of $2,813 in excess elective deferrals and Roth contributions to 401(k)s combined, and that it is your intent to obtain a return of excess contribution of $1,227 from the Roth account and $1,586 from the traditional account. In this case, only the $1,586 should be added to income.
As I understand your question, you have a total of $2,813 in excess elective deferrals and Roth contributions to 401(k)s combined, and that it is your intent to obtain a return of excess contribution of $1,227 from the Roth account and $1,586 from the traditional account. In this case, only the $1,586 should be added to income.