To avoid being taxed twice, notify your plan administrator and have excess contributions removed before tax day. Many, or all, of the products featured on this page are from our advertising partners ...

Learn all you need to know about excess contribution refunds for retirement accounts. Find out how to avoid penalties and ...

IRA contributions are good, but sometimes you can have too much of a good thing. Here’s how advisers can help clients with excess IRA contributions. IRA contributions are good, but sometimes you can ...

Maxing out your individual retirement account (IRA) each year is a smart move when you're focused on growing your retirement fund. But contributing too much money can result in a tax penalty of 6%.

It's easiest to remedy before filing your taxes, but you have options after, too. Be sure to take action — there's a 6% penalty every year until it's fixed. Many, or all, of the products featured on ...

Health savings accounts allow you to save money for healthcare-related expenses on a tax-advantaged basis. Similar to individual retirement accounts (IRAs), the IRS limits annual contribution limits ...

Correcting 401(k) contribution errors involves identifying the mistake, adjusting future contributions and potentially making retroactive corrections to comply with IRS limits and plan rules. If you ...

What Is a 401(k) Plan Overcontribution? A 401(k) plan overcontribution occurs when an employee contributes more money to their 401(k) than the annual limit set by the IRS. The maximum limit for 2025 ...