Rita

Mr. Bill, Thank You for taking the time to answer my question. I'm glad I don't need to do anything additional for my taxes. Have a great day, Rita.

I contributed the maximum 401K limit amount of $20,500 from Jan 2022 to June 2022. Today, Aug 23, my 401K shows a QNEC contribution of $100. 1) Will I have exceeded the 401K limit by $100.00 now due to QNEC contribution? Does QNEC count towards the $20,500 basic 401K limit? 2) I turned 50 years old this year in March. Will the QNEC contribution count towards catch-up contribution even though I have not asked my company to deduct my paycheck for catch-up contribution? Should I start deducting for catch-up contribution (with limit of $6400+$100QNEC = $6500)? 3) Does the QNEC contribution show up in my W-2 as "Elective Deferrals" with a total of ($20,500+$100 = $20,600 + $6,400 =) $27,000 as one entry on W-2 or separate entries for Basic 401K limit of $20,500, separate entry for QNEC, and another separate entry for catch-up contribution? 4) Do I need to fill out any special IRS forms when doing taxes for QNEC especially if it counts towards the basic 401k limit of $20,500 which I would have now exceeded by $100? Thank You!