My wife over-contributed to her employer 401(k) in 2023. The excess contribution was withdrawn before April 2024, and the income was accounted in our 2023 taxes on form W-2. In 2025, we received a 2024 1099-R which lists the full withdrawal as taxable (Box 2a). The 1099-R Box 7 code is "E." When this is input to…
I worked two jobs and between the two, I over contributed about $500 on the sum of both 401(k)'s. Unfortunately since neither job say I over contributed on their individual plans, both are denying my ask for a distribution to correct the excess contribution. Since the overage won't be withdrawn, do I simply need to report…
I get 1099 NEC income. Can I contribute to my 401k from this income?
I left an employer and decided to withdraw my funds as I couldn’t roll them into my new employers account. I am under 25 so I assumed a penalty. I had additional federal withholding held, should I have also withheld additional for state (Oregon) to reduce my tax liability? What form will I receive in the mail for this?
If I take money from my 401(k) and pay taxes on it, do I have to pay taxes on it again and claim it on my income tax
I had to cash in my 401k to put a roof on my house. Can I claim a hardship so I don't have to pay taxes on the withdrawal?
I have recently come into a difficult financial situation due to health issues and was considering taking out a hardship loan against by 401k to get it all paid off. I am wondering how this works and when I am asked what percentage I want to withhold, what do I put and what is this withholding for?
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