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Overcontributed to solo 401K, brokerage won't let me take out excess, how do I file with TT?on phon

Overcontributed to my solo 401K, understood that I can remove excess up to legal tax filing date, which is 15 October in Los Angeles, CA (because of emergency status). My brokerage says I had to do by 15 April. So questions:

 

1. Who is right (trying to get IRS on phone disconnected me on hold after 40 minute wait)?

2. If I am right, how do I get them to requalify it prior to filing?

3. If they are right, I have to take out a regular distribution of the excess (?) and pay a penalty, how do I handle this and calculate in TurboTax?

 

Thanks,

Adam

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1 Reply

Overcontributed to solo 401K, brokerage won't let me take out excess, how do I file with TT?on phon

Okay spoke with IRS, too late to take out the distribution, no penalty EXCEPT pay tax on it upon eventual withdrawal, hence double tax. Humbug. Lesson learned.

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