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Overcontributed to solo 401k-how to fix

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  • Overcontributed to solo 401k-how to fix

    So I have an excess contribution of a few thousand dollars to my 2021 solo 401k (etrade). My questions are:
    -If I withdraw the excess by 4/15, is there still the 10% penalty?
    -Do I have to pay tax in 2022 on the earnings from the excess contribution (is this what the 1099-R form is for?)
    -How do I actually remove the funds? Is the actual mechanism to "take a distribution"?
    -Am I missing anything else to do?

    Thanks-thoroughly confused.


  • #2
    Did you contribute anything in 2022 for 2021 and, if so, how much?
    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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