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Some employers will allow you to designate the excess contributions as aftertax contributions up to the full 15 to 25% of gross income allowed. Others will refund the excess contributions. In either case, the excess will be subject to income taxes.

Have you funded your Roth IRA accounts to the max? If not, thats a very good use for those funds. Do you have outstanding debts? Now is a good time to pay them down. Otherwise, best choice is LTBH imvesting in a taxable account in something like an S&P 500 Index fund.

Best of luck to you.
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