@abhishekguglani wrote:
Thanks macuser_22 for the detailed response. But was it right to put the excess contribution we did towards 401k in 2019 on the form 8995-A? I did not realize that Turbo Tax was going to use this form when I followed the steps on Turbo Tax software to report this excess contribution. And unfortunately I missed looking at this form when finalizing & submitting my tax return.
AFAIK the W-2 earnings for the 8995-A come from box 1 on the W-2 form that accounts for the excess deferrals because that money was in fact, not included in wages. The IRS procedure for reporting excess deferrals is as I posted above and is silent about anything else that it might effect. You cannot change what happened in the past, you can only pay the tax due for the excess deferral.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
