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Get your taxes done using TurboTax
I have the exact same situation as @rrudra but there are federal and state taxes withheld for my excess return and earnings. My excess contributions was $4500 and earnings $900. Federal tax withheld on excess contribution was $400 and state tax withheld was $100. Similarly for the earnings federal tax withheld was $100 and state was $25.
I followed the steps described above and entered the excess contributions on "Any Other Earned Income" as"2020 Excess 401(k) Deferrals". The increased the tax I owe to IRS. But there are taxes already withheld for this amount. How do I enter those withheld tax amounts ?
May 13, 2021
7:07 AM