3024386
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Multiple over contributions to retirement account

My question is relating to multiple over contributions to a solo roth of 401k.

 

At different times of the year I contributed various amounts most of these contributions need to be removed.

 

Well doing these calculations I was just doing one calculation starting with the date of the first over contribution as the account opening balance in the equation.

 

Now after thinking about it I think that's wrong I think I need to be calculating each over contribution separately because the opening balance is different each time these contributions were made.

 

So each time I think I should be getting a number for that specific over contribution and then at the end adding up all of those numbers together to get the full value of how much I over contributed.

 

And then remove that with a removal of excess form with my administrator.

 

I've done a lot of searching but I can't find where anyone has talked about multiple over contributions at various times.

 

I'm just double checking that what I said above is correct and I should be doing calculations separately for each over contribution.

 

Thank you so much this forum has been so much help to me!

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Multiple over contributions to retirement account

I read that I should just use the first date of the first over contribution in the equation calculation and only do one removal of excess, not for each time I did it.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question