Timeline for How do I reverse an excess 401K Contribution?
Current License: CC BY-SA 4.0
9 events
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| Sep 16, 2022 at 12:38 | comment | added | mhoran_psprep | Are you sure you need to do this? You contributed 10K, you still have 10.5K to go Most companies don't do unlimited match, they limit ti to 6 or or 10% of what you earn with the company that year. Any percentage above that won't be matched anyway. | |
| Sep 16, 2022 at 1:21 | history | edited | JohnFx♦ | CC BY-SA 4.0 |
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| Sep 15, 2022 at 18:34 | comment | added | littleadv | @shoover wonderful question, I'm guessing that would be one of the reasons why the custodians wouldn't want to deal with this. Generally for excess contributions withdrawal, the gain on the excess should be withdrawn too and recognized as taxable income, but not loss. | |
| Sep 15, 2022 at 18:32 | comment | added | shoover | @littleadv Hmm, yeah, what if that 10K was already invested and the market went down and the account only has $8K worth of shares in it now? | |
| Sep 15, 2022 at 18:19 | history | edited | littleadv |
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| Sep 15, 2022 at 18:18 | comment | added | littleadv | @shoover the OP wants to remove the 10K contributed earlier and contribute them again through a new employer, getting the match. | |
| Sep 15, 2022 at 18:04 | comment | added | shoover | Have you already contributed over the max year to date and you're wanting to learn how to correct the situation, or you've contributed 10k year to date and you're wanting to learn how to calculate how much to contribute monthly in order to max out and get the match? | |
| Sep 15, 2022 at 18:02 | answer | added | littleadv | timeline score: 3 | |
| Sep 15, 2022 at 17:57 | history | asked | Kint Kant | CC BY-SA 4.0 |