Author Topic: 457 Overcontribution?  (Read 335 times)

Incandenza

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457 Overcontribution?
« on: March 04, 2021, 07:26:47 AM »
There was one short thread I found about this earliest, but wanted to see re-check and confirm.

https://forum.mrmoneymustache.com/taxes/401(k)-excess-contribution/

Because of a switch of jobs and some miscommunication, I ended up over-contributing to a 457 plan last year by about $1,570.  I've already been in touch with the plan and they withdrew the 1,570 and interest earned.

Is there anything further I need to do?  Any forms to submit, or do I need to alter the income amounts on my tax return?  As I understand it there should be no penalty because the money was withdrawn before April 15.   

Thanks!

 

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