#410 End Of Year Open Forum | Q&A Tax Questions
Main Street Business
00:00
401k Solo Contribution - Can I Allocate the Over Contribution to 2023?
Dennis O'Mara: I got a good 401k solo 401k question from De Bruce. He says, after reviewing what our W2 should be for 22, I realized I have over contributed to my solo 401k. Can I allocate the excess contribution to 2023? If not, is there another option for correcting reallocating without penalties? OK, there's some options here, Bruce. So if you've put in 43, you've over contributed 6,000 bucks. All you got to do is take back out 6 grand. Just take it back out right now. It's a correction. There's not a distribution or a penalty because you're doing it within before
Transcript
Play full episode
