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Get your taxes done using TurboTax
@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box $5,000 (total amount I contributed including excess) or $3,000 (total amount I contributed after excess was withdrawn)?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.