While these situations can cause some frustrating tax complications, the good news is they’re almost always fixable with the right approach. In today’s episode, we’ll walk through the different account types, what to do depending on timing, and even discuss an interesting i401(k) scenario that might actually work out in your favor.
Topics Discussed
- Common causes of over-contributions for ER docs with multiple income sources.
- Key correction deadlines for IRAs, 401(k)s, and HSAs.
- What happens when you fix an over-contribution before the tax deadline vs. after.
- How to handle the excise tax and avoid double taxation.
- Whether over-funding a solo 401(k) could ever be strategic.
- Step-by-step guidance for withdrawing excess amounts or recharacterizing contributions.
- Real-world examples of timing, penalties, and reporting (Form 5329, 1099-R, etc.).
Resources Mentioned:
Tags:
ER docs, physician finance, retirement planning, HSA, IRA, 401(k), overcontribution, excise tax, Roth IRA, solo 401(k), financial planning, tax correction
