how can i get refunded for overcontribution to my 401k plan the previous year?

how can i get refunded for overcontribution to my 401k plan the previous year?
by

1 Answer

Answer :

Your 401k plan administrator will automatically reimburse you when you make an over contribution. You will also receive a form for tax reporting.
by

Related questions

How do I track down a 401k from a previous job?

Description : How do I track down a 401k from a previous job?

Last Answer : Contact the accounting department for your ex-company.

I have a 401k account from a previous employer can I roll my funds over to a money market account without penalties and withdrawl from it months down the road ?

Description : I have a 401k account from a previous employer can I roll my funds over to a money market account without penalties and withdrawl from it months down the road ?

Last Answer : A lot of the answer depends on your age. If you are younger than 59 1/2 you will have a 10 % penalty on the amount you withdraw from your 401K and the amount will be regarded as income in ... 401K but there are regulations the IRS has on how much you can withdraw each year depending on your age.

Mark the correct statement. a) Second withdrawal in a PPF account is payable in the next financial year of the year in which principal and interest on first withdrawal has been fully refunded and other conditions fulfill b) Second loan is permissible in the financial year in which 1st loan and interest thereon has been recovered provided the 1st loan was not taken in the same year and other conditions fulfill c) Second loan is permissible in the same financial year if first loan taken in the year has been refunded alongwith interest thereon and other conditions fulfill d) None of the above is correct

Description : Mark the correct statement. a) Second withdrawal in a PPF account is payable in the next financial year of the year in which principal and interest on first withdrawal has been fully ... been refunded alongwith interest thereon and other conditions fulfill d) None of the above is correct

Last Answer : b) Second loan is permissible in the financial year in which 1st loan and interest thereon has been recovered provided the 1st loan was not taken in the same year and other conditions fulfill

Mark the correct option a) The MIS account can be close after expiry of one year. b) The MIS account closed after one year but before three year 2 % deduction will be made on initial deposit c) The MIS account closed after expiry of three year 1% deduction will be made . on the initial deposit d) In case of death of the depositor before maturity account may be closed and deposit refunded along with interest up to the month preceding the month in which refund made. e) All the above

Description : Mark the correct option a) The MIS account can be close after expiry of one year. b) The MIS account closed after one year but before three year 2 % deduction will be made on initial deposit ... along with interest up to the month preceding the month in which refund made. e) All the above

Last Answer : e) All the above

My credit card transaction failed will it be refunded or not?

Description : My credit card transaction failed will it be refunded or not?

Last Answer : answer:Sounds to me like the transaction never went through. Have you checked your credit card companys website? Log in there and view your credit card activity.

Mark the correct statement: a) A withdrawal in a PPF account can be refunded in not more than 36 monthly installments: b) Interest on withdrawal taken from a PPF account is one percent above the rate of interest admissible on PPF subscription c) Second withdrawal can be taken after refund of 1st withdrawal with interest thereon d) The amount of withdrawals in a PPF Account is not repayable

Description : Mark the correct statement: a) A withdrawal in a PPF account can be refunded in not more than 36 monthly installments: b) Interest on withdrawal taken from a PPF account is one percent above ... 1st withdrawal with interest thereon d) The amount of withdrawals in a PPF Account is not repayable

Last Answer : d) The amount of withdrawals in a PPF Account is not repayable

When an account opened in contravention of rules a) The account should be closed b) The deposit made in the account refunded to the depositor without interest c) Both A and B d) None of these

Description : When an account opened in contravention of rules a) The account should be closed b) The deposit made in the account refunded to the depositor without interest c) Both A and B d) None of these

Last Answer : c) Both A and B

The commission on MO can be refunded if the a) MO is repaid to remitter b) MO is wrongly returned back to remitter c) The value of MO is defrauded d) The commission in no case be refunded

Description : The commission on MO can be refunded if the a) MO is repaid to remitter b) MO is wrongly returned back to remitter c) The value of MO is defrauded d) The commission in no case be refunded

Last Answer : d) The commission in no case be refunded

If a remitter of money order wants to stop its payment to the payee a) Value of MO and commission paid will be refunded to himb) Value of Mo will be refundedc) No refundd) None of these

Description : If a remitter of money order wants to stop its payment to the payee a) Value of MO and commission paid will be refunded to him b) Value of Mo will be refunded c) No refund d) None of these

Last Answer : b) Value of Mo will be refunded

Mark the correct option: a) Rate applicable for recall of foreign article in case letter 10gm & Telegraph 15 words b) The fee paid for the recall will not be refunded under any circumstances c) Weight more than 500gm a warehousing charge at the rate per day commencing from eight day, shall be collected from the addressee at the time of delivery. d) All the above are correct

Description : Mark the correct option: a) Rate applicable for recall of foreign article in case letter 10gm & Telegraph 15 words b) The fee paid for the recall will not be refunded under any circumstances c) Weight ... , shall be collected from the addressee at the time of delivery. d) All the above are correct

Last Answer : d) All the above are correct

When will a sender of outward foreign parcel get customs duty as refund from department? a. Parcel is returned as undeliverable b. Parcel is in a damaged condition c. Never refunded the customs duty

Description : When will a sender of outward foreign parcel get customs duty as refund from department? a. Parcel is returned as undeliverable b. Parcel is in a damaged condition c. Never refunded the customs duty

Last Answer : a. Parcel is returned as undeliverable

Are there any circumstances where I can take an early withdrawal without penalty from a 401K retirement plan?

Description : Are there any circumstances where I can take an early withdrawal without penalty from a 401K retirement plan?

Last Answer : There are a number of restrictions and requirements regarding early withdrawals from a 401K. Additionally, the IRS regulations often change. Your best bet is to discuss your situation with your fund manager or consult with your tax professional.

What is the difference between a 401k plan and an IRA?

Description : What is the difference between a 401k plan and an IRA?

Last Answer : They are basically the same thing but have different names. The only other difference is will be the deductibility of the 401K compared to the IRA.

How do cash balance plans differ from a 401k plan?

Description : How do cash balance plans differ from a 401k plan?

Last Answer : A 401k plan invest your money for you. A cash balance may earn a small amount of interest but has no risk.

How can I cash in my 401K plan?

Description : How can I cash in my 401K plan?

Last Answer : You can cash in your 401K plan upon retirement or after a penalty before your retirement age.

Who can enroll into a 401K plan?

Description : Who can enroll into a 401K plan?

Last Answer : A legalized us citizen can enroll into a 401k plan

how do i get a loan against my 401k plan and pay back through my job ?

Description : how do i get a loan against my 401k plan and pay back through my job ?

Last Answer : i am on long term dis-ability and would like to withdraw all my vested monies from my t rowe price 401k and i need it now i am very sick what are the steps i should take immediately thank you hi,im edna wilson i would like to borrow 400.oo my 401k pls.pay back with job.

Can an employee's 401k plan be moved when the employee leaves?

Description : Can an employee's 401k plan be moved when the employee leaves?

Last Answer : An employee's 401k plan monies when that employee leaves the company can be cashed out or put into a retirement account.

How to Set Up a 401k Retirement Plan Without an Employer?

Description : How to Set Up a 401k Retirement Plan Without an Employer?

Last Answer : Not everyone works for a company that supplies its employees with 401k retirement plans. Many companies simply do not offer them. Other people may be independent contractors or small business owners. Whatever ... income than what was contributed into the plan during a certain part of the tax year.

Why should one rollover a 401k plan?

Description : Why should one rollover a 401k plan?

Last Answer : Many times, when you leave an employer, they may ask you to take your 401k plan with you, especially if the plan balance is low. In these cases, many people chose to rollover the 401k instead of cashing it out.

Can I roll over my 401k plan from my last employer to my IRA account?

Description : Can I roll over my 401k plan from my last employer to my IRA account?

Last Answer : Yes you can in fact do this. You will have to speak to the company who has your IRA and discuss with them the steps in order to do this.

How do you terminate a 401k plan?

Description : How do you terminate a 401k plan?

Last Answer : The details of how to terminate a 401k plan should be included in the plan itself. Depending on the plan there may be limitations or fines involved in actually terminating the plan itself.

Never Touch Your 401k Retirement Plan?

Description : Never Touch Your 401k Retirement Plan?

Last Answer : When something big comes up, such as the need for a new car, you may be tempted to use the money in your 401k retirement plan to pay for it. This is possible, but it is not wise. ... gratification of a new purchase quickly, but you will not have enough money to retire comfortable in the long run.

What is a 401k plan and how does it work?

Description : What is a 401k plan and how does it work?

Last Answer : A 401k plan is some sort of savings program and it involves forms. You must fill out these forms in order to apply for a 401k plan. It is a government program.

Can you explain what a 401k plan is?

Description : Can you explain what a 401k plan is?

Last Answer : A 401k plan is a retirement plan. Unlike a savings account you can withdraw money instantly but for a retirement plan you cannot touch that money till you reach the recommended retirement age.

What is the tax consequence of the 401k retirement plan?

Description : What is the tax consequence of the 401k retirement plan?

Last Answer : A good tax consequence of a 401k retirement plan is that you can literally save money as the funds that are ususally tax-free. If you withdraw from your 401k plan, there is usually a large penalty.

Who can I talk to about my 401k retirement plan?

Description : Who can I talk to about my 401k retirement plan?

Last Answer : You can talk about your 401k retirement plan to people that know about retirement or companies that deal with retirement. Basically it is best to talk to people that deal with retirement.

According to PMBOK, project management process groups are iterative, which was originally defined by Walter Shewhart and later modified by Edward Deming. Generally, one outcome from a previous process can serve as input for the next process. Which of the following best identifies with the description of this concept? Select one: a. Project life cycle b. Plan-Do-Check-Act cycle c. Project phases d. PM processes e. HR process cycle

Description :  According to PMBOK, project management process groups are iterative, which  was originally defined by Walter Shewhart and later modified by Edward Deming.  Generally, one outcome from a previous process can serve ... -Do-Check-Act cycle c. Project phases d. PM processes e. HR process cycle

Last Answer : b. Plan-Do-Check-Act cycle

In the introduction part of a lesson plan you get the student ........ Options: A) Assignments B) Previous knowledge C) Attention D) Abilities

Description : In the introduction part of a lesson plan you get the student ........ Options: A) Assignments B) Previous knowledge C) Attention D) Abilities

Last Answer : C) Attention

I have a good amount of money invested into my 401k as a 26 year old. I'm thinking about just cashing it out and taking the loss of half the money i invested. Which kills me to think about this. But I'm afread of this ecomony and this amero. Should I just cash it out? Or wait? I'm thinking I could loss more if I just left it in... Am I right?

Description : I have a good amount of money invested into my 401k as a 26 year old. I'm thinking about just cashing it out and taking the loss of half the money i invested. Which kills me to think about this. But I'm afread ... it out? Or wait? I'm thinking I could loss more if I just left it in... Am I right?

Last Answer : Don't do it. A 401K is an investment that is meant to grow over time. Sometimes you lose sometimes you gain, but short of an economic disaster you will gain if you leave it alone. The tax you will ... pay on the money you withdraw will be yet another loss on top of the future gains you will losing.

I was terminated from a job more than 10 years ago but was told that I could not get my 401k until the end of the fiscal year. The company has closed how can I obtain my funds?

Description : I was terminated from a job more than 10 years ago but was told that I could not get my 401k until the end of the fiscal year. The company has closed how can I obtain my funds?

Last Answer : Contact the administrator of the plan, not the your employer. Your quarterly reports will give you a contact number. If that company folded your plan would be taken by another company or held by the feds.

Wanting to take money out of 401k, does there need to be a reason?

Description : Wanting to take money out of 401k, does there need to be a reason?

Last Answer : answer:TL;DR - It depends, but probably. Rules vary a ton between plans. They're always going to ask and there are some good, helpful, reasons for them to. There are also a few steps to ... best first step is probably to give them a call and just ask questions until you know all your options.

Although I'm no longer employed, I have a 401K account through a former employer. Is there a way for me to continue contributing to that 401K account?

Description : Although I'm no longer employed, I have a 401K account through a former employer. Is there a way for me to continue contributing to that 401K account?

Last Answer : I am not a financial wizard or anything, but I’m pretty sure you can not continue contributing to that account. Have you looked into rolling it over into an IRA and then you can add your contributions to that IRA.

Would it be wise to use your 401K to pay off your house?

Description : Would it be wise to use your 401K to pay off your house?

Last Answer : Depends on the interest rate of your mortgage and if you'll incur a penalty for early withdrawal, but generally speaking, no. With regard to the early withdrawal penalty, the magic number is 59 and ½. Let' ... could earn more than 5% if you invest it. But as I say, YMMV, depending on your situation.

Is this a smart idea, to take a loan out of my 401k for?

Description : Is this a smart idea, to take a loan out of my 401k for?

Last Answer : answer:I think you should start a side fund, if you can, to save money for your venture, rather than to touch your 401K. I was in a financial pinch a while back for about the same amount of money and ... s something that can wait a month or two for you to pull together the money, I'd wait and save.

How can I find out whether I have a 401k from an old job?

Description : How can I find out whether I have a 401k from an old job?

Last Answer : There will be someone at the company designated as the 401K administrator, probably in Human Resources or Payroll. Call and ask who that is and speak to that person.

How is your 401K doing?

Description : How is your 401K doing?

Last Answer : This past year—it’s value increased between 5 and 6%.

Where can I find any information on guaranteed retirement account proposals and claims of confiscation of 401k funds?

Description : Where can I find any information on guaranteed retirement account proposals and claims of confiscation of 401k funds?

Last Answer : answer:I hadn't even heard the term until you mentioned it. It's all news to me. I did a google search for Guaranteed Retirement Account and found the same links you can find doing that search. So I ... right-wingnuts. I don't know yet, but it's something else to know about'. Thanks for the Q.

Why are businesses rarely offered precious metal mutual funds by their 401k management company?

Description : Why are businesses rarely offered precious metal mutual funds by their 401k management company?

Last Answer : Even in mutual fund market, precious metals are very high risk and may burn even very savvy fund managers

How is your 401K doing?

Description : How is your 401K doing?

Last Answer : This past year—it’s value increased between 5 and 6%.

Can you lose money in your 401K?

Description : Can you lose money in your 401K?

Last Answer : Yes you can. If you’re invested in something, and it loses money, you lose money.

What happens if I cash out my 401k?

Description : What happens if I cash out my 401k?

Last Answer : It’s a bad idea…but YEP we’ve had to do it. I’m not sure what your tax bracket is however, you can withhold the taxes when you cash out. Make certain you do that or you’ll have to come up with cash at tax time in April.

Can you recommend some things I should think about and/or investment opportunities I should consider (e.g. 401k, Roth IRA, etc) and how to decide where to start?

Description : Can you recommend some things I should think about and/or investment opportunities I should consider (e.g. 401k, Roth IRA, etc) and how to decide where to start?

Last Answer : The most important thing is just to start!

Where did my 401K go?

Description : Where did my 401K go?

Last Answer : Didn’t you keep any of your annual statements? Did you roll it into your next employer’s plan?

How much have you lost in your 401k?

Description : How much have you lost in your 401k?

Last Answer : I have nearly 20 years before I can take anything out so I’m not even looking at it. It would hurt to much. Now would be a great time to be putting money in though, especially if you were strictly dollar cost averaging and not panicking.

What's your 401K looking like this quarter?

Description : What's your 401K looking like this quarter?

Last Answer : Like I wish I’d had followed my own instincts and moved the $$ after I lost the first $10K… But it’s getting better. I just wish I still had what I started out with in April of last year.

I have credit card debt, and a 401k account from my last job that equals that debt, what are my options here?

Description : I have credit card debt, and a 401k account from my last job that equals that debt, what are my options here?

Last Answer : Are you sure about the $2k? I believe you lose more than that because you are looking at taxes + penalties for early withdrawal. I would try to negotiate with the credit cards to get a lower interest rate. Also, if you have any room, try to do a balance transfer (watch out for the transfer fee).

What are you doing with your 401k?

Description : What are you doing with your 401k?

Last Answer : answer:Buy low. Sell high. So buy, buy, buy. This too shall pass. :)

SHOULD I REDUCE 401K DEDUCTION TO PAY CREDIT CARD DEBIT?

Description : SHOULD I REDUCE 401K DEDUCTION TO PAY CREDIT CARD DEBIT?

Last Answer : If your tax savings and 401K investment return combined are higher than your credit card debt interest, then no.

I Need My 401k Money Now should I Borrow from 401(k)?

Description : I Need My 401k Money Now should I Borrow from 401(k)?

Last Answer : Borrowing from 401k is a good and also a bad idea. If you borrow from 401k, you will get deeper in debt. Imagine, you work hard and you are get taxed by the government to fund the 401k, ... . Borrowing money is not the solution to your Financial Problem. Always solve your problem, don't escape it.