I just found out that I have exceeded 401(k) contribution limit for the current year. How do I remove it so I do not incur IRS penalty?

ac95035 · ‎July 14, 2019

macuser_22 · ‎July 14, 2019

Talk to the 401(k) plan trustee about returning the excess plus any earnings. They will issue a 1099-R showing the return that you will use to file your 2019 tax return.

For information see IRS Pub 525 page 10
https://www.irs.gov/pub/irs-pdf/p525.pdf

Note that this is a 2018 pub so it refers to the 2018 tax year - just adjust the years for 2019.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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I just found out that I have exceeded 401(k) contribution limit for the current year. How do I remove it so I do not incur IRS penalty?

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