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    stevierayp's Avatar
    stevierayp Posts: 16, Reputation: 1
    New Member
    		  
    #1

    Jan 10, 2008, 09:06 PM
    Excess contribution to a traditional 401K
    I was doing my taxes and found that I had contributed too much to my traditional IRA
    $4595.00 or 595.00 too much.
    Now I have to pay a 6% penalty every year until that money is withdrawn...
    Won't I get a penalty if I remove money from my IRA?
    What is the best solution to this problem??

    Getting to where I hate taxes more and more...

    Any help would be appreciated..
    Thanks

    Steve
    KCDave's Avatar
    KCDave Posts: 61, Reputation: 5
    Junior Member
    		  
    #2

    Jan 15, 2008, 10:44 AM
    Is this from a 401K account or an IRA you opened and are contributing to? I overpaid into my 401K account once (or my employer did) and was refunded the excess with no penalty other than the regular taxes I owed. I would contact the company you have your account with.
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