@digi wrote:
As a result of getting a new job in 2019, I accidentally put more $1000 over the allowed amount into my 2019 401k. I don’t have Form 10990-R now as the correction will happen in 2020. But I need to report this excess contribution in my 2019 Tax Return. That is why I try to find a way in Turbo Tax to indicate it.
The correction "will happen" in 2020? You can report it on your 2019 tax return and not have to amend when you get the 1099-R, but you should have the excess returned before reporting it on a 2019 tax return.
You only enter the excess and NOT any earnings on the excess. Earnings, if any, or losses are reported on your 2020 tax return next year.
Excess 401(k) deferrals should be reported in:
(There are several screens to click through to get to the right place)
Miscellionious Income ->
Other Income not reported on a W-2 ->
Other wages (yes) ->
House Hold employee (Continue) ->
Sick Pay (Continue) ->
Other earned income (yes) (Includes excess salary deferrals)->
Source of income (other) ->
Any other income - enter the amount of the excess deferral and an explanation.
This will add the returned excess to your 2019 wages on line 1.
**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.**
