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I have changed jobs this year and with the combination of 401K contributions between the two, I have exceeded the $10,500 annual limit, placed upon these contributions.

I would like to know if I this is going to be a problem for me at tax time?

It depends on how you define "problem." You'll find details of dealing with an excess deferral in IRS Publication 575. Briefly, if you can't get the excess withdrawn (they don't have to give it back), you still have to include the excess in your year 2000 income when you file. You pay tax on it now, and you pay tax on it again when you withdraw it in retirement.

Phil Marti
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