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@TheExit55 wrote:

@macuser_22 thanks understand that.   

 

My specific question is:

 

Do I put in the 2020 contributions to individual 401K in the "elective Deferrals" box  $5,000 (total amount I contributed including excess)   or $3,000 (total amount I contributed after excess was withdrawn)?

 

I understand that in the Any other income section -  I would enter amount of the excess that was returned not including earnings which would be $2,000.

 

I really appreciate the help!


Neither one as I said above.  You enter only the amount that was returned to you not including any earnings that were also returned.

 

For example:

Amount contributed = $6,000

Amount in excess= $2,000

Amount returned = $2,300 (The $2,000 excess plus $300 earnings)

Amount to enter = $2,000.

 

The earnings will be reported later with a separate 1099-R for the year returned.

**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.**