I have a question about how to deal with the over-contribution of my 401k
account.
My combined 401k contribution from current employer and previous employer
for 2011 exceeds the IRS annual limit. I would like to take the contribution
back from my previous employer because my current employer has better match
. Does anyone know what procedures for doing that?
I called my prior employer plan’s 401(k) administrator and they said I
shall submit a request to roll over all my contributions (including 2011 and
previous years) to my current plan and withdraw the 2011 contributions (10%
penalty + tax). They will then mail a 1099R form at the end of 2012 and I
will report the withdrawn contributions in 2013 when I file for 2012 tax.
My question is how IRS knows that I have withdrawn the over-contributed
amount for 2011. The request form to roll over doesn't say that the amount
withdrawn is from 2011 contributions.
Thanks a lot!
