Here is my situation
- I have changed job during year 2025. I have invested in 401k through both employers.
- Second employer has better match than first employer.
- I expect that I will exceed limit for 401k contribution for the year.
Question
Should I just call my previous employer during 2025 itself and return excess contribution that I expect, or can I do that after year 2025 ends?
Implications
- If I can call them after 2025 ends, I can calculate precise amount for my previous employer to exclude from 401k.
- If I must call them before year ends, I will end up making an educated guess of my total 401k contribution for the year.