Undeliberate 403b overcontribution
I thought I was going to quit my job. I receive pay from 2 different employers. I aggressively accelerated my contributions to my 403bs to both employers in an attempt to get to $15,500 in 6 months. I did that but did not quit. In order to continue receiving matching funds (5%) from my employers, I continued contributing 5% of my salary to my 403b but on a post-tax basis.
As I read this forum, I am wondering if this was a bad idea. I have until April 15th to apply get my "overcontributions" back. But I will lose the matching funds if I do that.
Can anyone help me with the math/issues here? I am in a high tax bracket now and I am 36 - possibly expect to be in a lower one when I retire. The account I can access/get a refund from has about $4600 of which $600 was from matching. So if I request a refund I will get $4000. Of which about 95% will be taxed as income and about 5% as an investment.
Does enyone think the post tax 403b contributions will be such a hastle to deal with when I retire that it is not worth thinking about? That I should just ask for the money back and forget about the math.
I have also considered quiting my job in 2009 and rolling all of my retirement accounts into an IRA and then converting them to a Roth IRA in 2010 when the tax code will allow for that (i.e. people in any income bracket to convert to a Roth). Or maybe just roll the overcontribution into an IRA and then Roth? Maybe that is a possibility?
Maybe as someone said I should just be focusing on returns instead of tax savings issues.