@sxk10000 wrote:
Thanks @macuser_22 . I called my 401k administrator, they said their cut off to report excess contribution was March 15, 2021. I unfortunately did not know this and missed it. They said they are not allowed to issue a refund now and asked to get advice from a tax advisor. Please let me know if this will be a good next step for me. 1. Add the excess 2020 contribution as Miscellaneous income when I file today 2. Looks like I may not receive 1099-R since the current administrator does not know how much I overcontributed? So when I withdraw the excess amount during retirement, I will pay tax again (double taxation! :-() - correct?
Thanks again
The actual cut-off date was April 15. Yes, you must reported it as wages under misc. income, and yes, it just becomes part of your 401(K) and will be tax the same as any other 401(k) distribution. That is the penalty for not removing before Apr. 15. No 1099-R because no distribution.
**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.**
