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    ssneni's Avatar
    ssneni Posts: 1, Reputation: 1
    New Member
    		  
    #1

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

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

    How do I go about filing the taxes

    Thanks, Srini
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 1, 2007, 08:39 AM
    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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