How do I know I contributed to much to a Roth 401 and how do I withdraw the excess of so?

Forum|Forum|2 years ago
January 27, 2024
2 replies
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I believe I double the limit. I know I got myself good please don't beat me up about it I had my reasons for needing this. I appreciate any help more than anyone could know!

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DianeW777

It depends. Since this is an employer plan contact your trustee, ask them and they will tell you how to withdraw excess. But normally, the limits are as follows:

In 2023, the most you can contribute to a Roth 401(k) and contribute in pretax contributions to a traditional 401(k) is $22,500.
In 2024, this rises to $23,000. Those 50 and older can contribute an additional $7,500 in 2023 and 2024.

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Opus 17

Employee

Contributions to a Roth 401k can only be made by payroll deduction and they are reported on your w-2. Don't enter workplace plans in the section for IRAs. They are not the same.

You normally can't have an excess 401k contribution unless you worked for two different employers during the year, did you do this?

Or, did you enter your 401k as if it was an IRA, causing the program to think you had excess when you really didn't?

ansettax

Hi I have the same question as the op. I worked for one company at the beginning of 2024 and now I'm working with another one. I've received about $20K with company A and another $10K with company B. Both are to Roth 401k accounts. Both are a mix of contributions and matches. Is that exceeding the limit? I read on various web sites that "The most you and your employer can contribute together is $69,000 for 2024". How does that work? Does the IRS distinguish between my contribution and employer match?

Opus 17

Employee

@ansettax wrote:

Hi I have the same question as the op. I worked for one company at the beginning of 2024 and now I'm working with another one. I've received about $20K with company A and another $10K with company B. Both are to Roth 401k accounts. Both are a mix of contributions and matches. Is that exceeding the limit? I read on various web sites that "The most you and your employer can contribute together is $69,000 for 2024". How does that work? Does the IRS distinguish between my contribution and employer match?

Firstly, the company match must go in a pre-tax account, it can't go in an after-tax or Roth designated account. So check that.

Second, there are two limits. Your voluntary salary deferrals can't be more than $23,000 (or $30,500 if you are over age 50) AND the total of all contributions (including salary deferrals and employer contributions) can't be more than $69,000.