We had 39000 taken out from our payroll last year and put into the company 403b plan. Now we realize that this is more than the 25000 allowed. (19000 + 6000 over 50 years old) How can we handle this over amount of 14000?
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1In the question you use the phrase "We", but do you mean "you".– mhoran_psprepCommented Jan 30, 2020 at 20:11
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Does the company belong to you as in "our payroll"? Or is it that you are an employee of a company that is not under your direct control? Usually, company payroll systems cut off contributions to 403(b) or 401(k) plans when then limit is reached.– Dilip SarwateCommented Jan 30, 2020 at 20:36
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I had 39000 taken from my payroll. Excess amount of 14000 was taken out for me as employee– Dave GartnerCommented Jan 30, 2020 at 20:45
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