BG5150 Posted August 23, 2023 Posted August 23, 2023 Participant contributed in two plans in 2022 and went over the deferral limit in the aggregate. I know there is no distribution after 4/15, the money just stays there and he's taxed twice on the gross excess. However, he lives in California and there is a federal extension for taxes due to the wild fires. Does that 4/15 date for CA residents get moved? QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
C. B. Zeller Posted August 23, 2023 Posted August 23, 2023 I believe the answer is yes. Distribution of excess deferrals under 401(a)(30) and 1.402(g)-1 is one of the listed acts in rev. proc. 2018-58. CuseFan and Luke Bailey 2 Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
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