UnThreaded | Threaded | Whole Thread (8) | Ignore Thread Prev | Next
Author: gourdo2 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75793  
Subject: Exceeded 401k limit. Date: 1/13/2006 5:17 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I just started gathering my tax papers for 2005 and noticed that I have inadvertently exceeded the $14k 401k limit for the year. I changed employers in 2005 and so had already invested about $2500 at the first employer before closing that account, and rolling it over to an IRA. I then put the full $14k into my new 401k plan at my new employer. Dunno how I managed not to think of the obvious for close to a year, but it seems to be the case. What are my options?

At best, I suppose only $14k of the 401k contributions will be pre-tax, but is there any provision for after-tax dollars going into a 401k above the $14k limit? If not, how exactly do you "take back" an investment to satisfy the IRS?
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (8) | Ignore Thread Prev | Next


The Retire Early Home Page
Discussion on accelerating retirement day.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Smuggling Rice and Garlic
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.