Frequently Asked Questions

What happens if I contribute more than the IRS limit in one year?

Contributions in excess of the IRS limit are subject to tax penalties. The combination of employee, employer and third party contributions may not exceed the annual IRS limits. If you are required to prorate your contribution limit, the prorated contribution will apply. In order to avoid the tax penalties, the IRS allows you to remove any excess funds and any earnings prior to the tax filing deadline, typically April 15. Ordinary taxes would be applied.

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