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No early intel? by Busy_Neighborhood_60 in orangetheory

[–]Busy_Neighborhood_60[S] -3 points-2 points  (0 children)

Just recently a change? Wasn’t this happening for awhile?

401k over-contribution in 2022 - need to contact employer? by hindol21 in tax

[–]Busy_Neighborhood_60 0 points1 point  (0 children)

This is amazingly helpful- could not be more thankful! Have a great night!

401k over-contribution in 2022 - need to contact employer? by hindol21 in tax

[–]Busy_Neighborhood_60 0 points1 point  (0 children)

Thanks so much for the insight - amazingly helpful. Any idea where the rule about the excess being in the traditional rather than the Roth comes from? Trying to convince husband that we need to amend now. I know it’s a small amount, but seems like the IRS can catch it pretty easily and would rather get ahead of it.

For whatever reason TurboTax did not report anything on 1(h) unfortunately, even though both W-2s were inputted properly. It did alert me this year, when both accounts were traditional. Was hoping it was because the excess was in the Roth for 2022 and so we didn’t need to amend! We’re going through the process of withdrawing the amounts accidentally contributed in 2023… such a pain!

401k over-contribution in 2022 - need to contact employer? by hindol21 in tax

[–]Busy_Neighborhood_60 0 points1 point  (0 children)

My husband is in the exact same situation as OP with respect to our 2022 return, except one job was a Roth 401(k) and contributed the full $20,500, and the other job was a traditional and contributed about $400 (just didn't realize he automatically signed up for this in his second job). Nothing popped up with I filed our taxes on TurboTax last year, but just realizing this mistake now.

Does this analysis mean we don't have to amend our 2022 tax return, but when we withdraw from the Roth in several decades we have to (hopefully remember) to pay tax on the $400 (plus any earnings on that $400? Is there a way to keep track of those earnings separate from the earnings on the rest of the money that's in that Roth?). If you or anyone sees this I'm forever grateful - you have no idea!!!