401K Over Contribution

[prateek]

My previous company over contribute to my 401K in 2016 by amount X and by the time I realized it was past 04/15/2017 which according to my plan administrator is the deadline to fix the distribution. Basically, the plan administrator is not able to re-distribute and provide refund and 1099-R. Now I'm filing my taxes for 2017 and I am not sure whether I need to show X as income in this year (2017) returns or amend 2016 return?

[prateek]

Anyone has any thoughts? Should I go ahead and pay taxes on excess amount in 2017 returns?

[prateek]

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@prateek wrote:

My previous company over contribute to my 401K in 2016 by amount X and by the time I realized it was past 04/15/2017 which according to my plan administrator is the deadline to fix the distribution. Basically, the plan administrator is not able to re-distribute and provide refund and 1099-R. Now I'm filing my taxes for 2017 and I am not sure whether I need to show X as income in this year (2017) returns or amend 2016 return?

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Anyone has any thoughts? Should I go ahead and pay taxes on excess amount in 2017 returns?

[PaulaM]

It is probably too late at this point to address the excess contribution for 2017. Contact your plan administrator to withdraw the excess funds and earnings.