Idiot's Guides: Introductory Accounting by Ringstrom David H. & Perry Gail & Bucki Lisa A

Author:Ringstrom, David H. & Perry, Gail & Bucki, Lisa A. [Ringstrom, David H.]
Language: eng
Format: epub
Publisher: DK Publishing
Published: 2016-02-09T05:00:00+00:00

ACCOUNTING HACK

It’s not uncommon for an employee to overcontribute to a retirement plan. It’s not the employer’s responsibility to oversee how much an employee contributes; however, it’s helpful if the employer ensures employees are aware of the plan contribution limits. If an employee contributes more than the statutory limit in a given year, he or she needs to contact the custodian of the plan—typically the financial institution or brokerage house that maintains it—and make a request to withdraw the excess. There are tax penalties associated with contributing too much, so contributions should be made and carefully tracked throughout the year. You have until April 15 of the following year (the individual tax return filing date) to arrange for the refund without penalty.

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