401K Overcontribution (job change scenario) - Correction topic
Hello,
On a 401K Overcontribution scenario (In a job change), could anyone share their experience of correction on the account with the old employer? (Maybe with Fidelity)
To elaborate the scenario:
-> Say my contribution at prev employer this year is $10K, I contribute 19.5 in the new 401K account (with the new employer), with an overcontribution of 10K for the year.
-> Correction (Looking at this scenario if possible): Then reach out to my admin of the older 401K account (the one with my previous employer- fidelity) and request to withdraw the excess (10K here)
Please share your thoughts or experiences (with Fidelity for the correction, Request process, due date, penalty, tax complications, etc) here. Thanks!
#401k #investments #fidelity #tax
comments
I think you can correct it my march/April of the following year.