Solo Roth 401k Excess Contribution Withdraw same tax year it was contributed

for one I have no idea what part of turbo tax I need to enter how much I contributed to my roth solo 401k, I've looked but can't find it.

Second, after I know the above, if I over contributed to it but withdrew the excess + earnings before the tax deadline do I need to update anything else?

478

Expert Alumni

Jan 21, 2024 7:36:21 AM

Follow the instructions in this article to enter your contributions to a Solo 401K: How do I enter a solo 401(k) in TurboTax? You'll find this section under Business Expenses but it's easier to use the search function for "self-employed retirement plans."

In order to avoid penalties, you must withdraw the excess contributions no later than the filing date of the tax return for that year. TurboTax will alert you to an excess contribution amount, but you need to manually adjust the contribution amount for any excess withdrawn before the deadline. In other words, enter no more than the maximum allowed for your situation.

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Solo Roth 401k Excess Contribution Withdraw same tax year it was contributed