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Level 2

Does filing for extension give me more time to remove 401k excess deferrals?

I switched jobs in 2018 and managed to accidentally overcontribute to my 401k (between 2 companies) by about $2800. I am frantically trying to get either of the 401k companies to remove the excess deferrals, but they are really really slow and apparently are not experienced in this. I'm worried they won't get it done by April 15th tax deadline.


Question: if I file for a tax filing extension, do I have another 6 months past the April 15th deadline to remove the excess 401k deferral? I know that normally if I don't manage to physically remove the excess 401k deferral by April 15th deadline I will be taxed twice on the $2800, so I'm really trying to avoid that...


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Level 3

Does filing for extension give me more time to remove 401k excess deferrals?

No, unfortunately, extending your Tax Return does not extend the deadline for removing your excess 401(k) deferral.  

You need to pressure one of these companies to distribute the excess deferral by April 15, 2019!  

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Level 3

Does filing for extension give me more time to remove 401k excess deferrals?

No, unfortunately, extending your Tax Return does not extend the deadline for removing your excess 401(k) deferral.  

You need to pressure one of these companies to distribute the excess deferral by April 15, 2019!  

View solution in original post