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Messages - hikebike

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Taxes / Overcontribution (after-tax) to 401K
« on: January 29, 2023, 03:53:32 PM »
After my husband maxed out his 401K pre-tax, he contributed after-tax into the same 401K in 2022. But it looks like we overdid it by about 20K,  because we didn't calculate with his company 401K match. (My understanding is, that the plan allows $67500 if 50y old -> $27000 before tax, 20500 company match, $20000 after tax)
His plan allows in-service withdrawal, so we did a Mega backdoor conversion of this after-tax portion of $40K is now in a Roth IRA.
What can we do to correct it?

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