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Author Topic: Reduce solo 401k contributions for 2016 tax year that were already made in 2016?  (Read 1174 times)

tpac

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Reduce solo 401k contributions for 2016 tax year that were already made in 2016?
« on: February 09, 2017, 01:46:59 PM »
Apparently I contributed ~$6000 more to my vanguard solo 401k in 2016 than would actually be advantageous to me tax wise. The total employee / employer contributions I've already made don't exceed my limits though so I can't just distribute it back to myself as an excess deferral.

Any thoughts on the best way to re-characterize / otherwise bump this contribution amount forward to 2017?
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DavidAnnArbor

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Re: Reduce solo 401k contributions for 2016 tax year that were already made in 2016?
« Reply #1 on: February 10, 2017, 05:01:16 PM »
Call up Vanguard and ask them. Of course if you succeed in putting less in your solo 401K, you'll have a larger AGI on your tax return.
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tpac

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Re: Reduce solo 401k contributions for 2016 tax year that were already made in 2016?
« Reply #2 on: February 13, 2017, 07:14:51 PM »
Quote from: DavidAnnArbor on February 10, 2017, 05:01:16 PM
Call up Vanguard and ask them. Of course if you succeed in putting less in your solo 401K, you'll have a larger AGI on your tax return.

Turns out my original math planning my contributions out for 2016 was correct and I didn't actually over-contribute. Just taxes turning my brain into mush again...

Thanks for the reply!
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