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The last $200 is probably counted as post-tax contribution.

You may have to file a return of execess, give it a google

I would contact your plan administrator ASAP to see if they can fix this. They should not have allowed you to contribute more than your limit for the year. Unless you're 50 or older, in which case the limit is $27,000.

Or is this a case where you had two 401k plans this year? In which case they would have no idea what you contributed to the other.

I believe if the excess is removed by April 15, then there won't be a penalty. The excess will be taxable for 2022, and any gains on that excess amount will be taxable for the year it was removed (2023). And a 1099-R will need to be filled out for the correction. But your plan administrator should be able to help you with that.

Okay thanks. I'll give Schwab a call next Jan 3rd. No I only have one 401k plan. I just hope this doesn't delay anything since tax season is coming up.

Happy New Year!

Does your plan support after tax contributions?

Yes.

Then there is your answer.

(Note that after-tax is not the same as Roth.)

Might be worth checking with your payroll department too. Between them and the plan administrator, they should have cut off contributions once you hit your limit. I would ask how they let that happen.

And Happy New Year to you too!

The plan may let you roll over post tax to Roth IRA. I screwed up and had some money in post, but called and my plan lets me roll it over even though I’m still employed. Took less than 10 minutes on the phone.

In your 401k online account, do you have a tab/menu option that shows sources of contribution? This should be able to tell you if that is a post-tax contribution or you really have contributed too much to pre-tax bucket.