Save Too Much? Fix Excess Retirement Contributions Penalty-Free скачать в хорошем качестве

Save Too Much? Fix Excess Retirement Contributions Penalty-Free

1004. This week, Laura explains how to identify and fix overcontributions to your 401(k), IRA, and HSA. You’ll learn the specific deadlines for 2026 to remove excess funds penalty-free and how to handle the tricky tax paperwork that follows. In This Episode: • The Cost of Mistakes: Why IRAs and HSAs carry a 6% annual penalty for excess funds, and how 401(k) errors can lead to double taxation. • 2026 Contribution Limits: The max limits for workplace plans ($24,500), IRAs ($7,500), and HSAs ($4,400–$8,750), including catch-up rules for those over 50 and 60. • Common Pitfalls: How switching jobs, receiving year-end bonuses, or earning too much for a Roth IRA can trigger an accidental overcontribution. • The Correction Timeline: Why April 15 is a hard deadline for workplace plans, while IRAs and HSAs offer flexibility until October 15 with an extension. • New 2026 Rules: What high earners (making over $150k) need to know about the new mandatory Roth catch-up contributions. Step-by-Step Fixes: How to work with your account custodian to calculate earnings (or losses) and file the correct tax forms (1099-R (https://www.irs.gov/pub/irs-pdf/f1099...) , 1099-SA (https://www.irs.gov/pub/irs-pdf/f1099...) ).