Look into rollover in a Roth IRA.

https://www.irs.gov/pub/irs-tege/rollover_chart.pdf

https://www.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-and-ira-distributions

Anonymous wrote:I made this same mistake this year - mostly because I didn't earn quite as much as I did last year so my estimates were a bit off. Not a big deal at all.

You can just leave it in there and pay the taxes on the excess, which you would have paid anyhow had you not put that $2K into your solo401k. This is according Vanguard - where I have my solo.

The rules are confusing. In one link I read that you will have to pay a 10% penalty on the excess and income if money stays in the account for each year it stays in. In another it says I can reclassify. In a third it says the 401k account will have to pay a penalty for accepting the excess.

I've reached out to an accountant but no hope of getting an answer today hence posting on this forum.

If you made the contribution in 2017, you should withdraw the extra. And you probably need to do it today before you file your taxes. I would probably talk to an accountant actually.

I made this same mistake this year - mostly because I didn't earn quite as much as I did last year so my estimates were a bit off. Not a big deal at all.

You can just leave it in there and pay the taxes on the excess, which you would have paid anyhow had you not put that $2K into your solo401k. This is according Vanguard - where I have my solo.

You should count $2000 towards your 2018, assuming the deposit was made in 2018

I contributed $2K over and above what I should to my Solo 401K. If i were a fulltime employee at a company, the administrator would have sent me a check for $2K before Apr 15 and life is good. Now, I am the administrator of my 401K as well. Should I just leave the money and claim only the right amount and the remainder (2K) next year (2018) or should I write a check to myself to withdraw the amount?