Topic Archive: Excess Deferrals

How Do You Correct An Excess Deferral?

DWC | 04/17/18

Facts

Due to a glitch in our payroll system, one of the participants in our 401(k) plan contributed more than the IRS limit last year. It came to light while she was preparing her individual income tax return, and she is now asking us to return the excess amount to her?

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