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VAteacher

Excess Contribution To 403b

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hello,

To make a long story short, I have contributed an excess of $3,200 to a 403b plan for tax year 2008. I had already contributed $15,500, the maximum limit for me (I'm 35) to a 403b for 2008. I have looked at the IRS web site and if I read the rules correctly, it looks like I can simply withdraw the excess contribution ($3,200) before April 15 and there should be no federal penalty. Is this correct?

Thanks,

VAteacher

 

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