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-   -   Overpaid 401K (https://www.askmehelpdesk.com/showthread.php?t=67495)

  • Feb 28, 2007, 07:32 PM
    ssneni
    Overpaid 401K
    Hello,

    I work 2 jobs and I have overpaid my 401K.

    How do I go about filing the taxes

    Thanks, Srini
  • Mar 1, 2007, 08:39 AM
    AtlantaTaxExpert
    Srini:

    Withdraw the money from one of the 401Ks down to the max amount allowed ($15,000 in total).

    Otherwise, you will pay an excise tax of 6% per year for every year the excess is still in the 401K.

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