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Retirement tax questions
Thank you for your response. According to Turbo Tax, the new deadline for requesting/receiving the excess contribution is July 15, 2020. So technically I still have time to request the money back. It gets a little bit complicated since the 401k funds got rolled over to a traditional IRA account. Can I ask the brokerage firm to withdraw the excess from my IRA? And eventually calculate the earning/loss on the excess for next year's return.
Should I follow your method below to report the $547 excess 401k contribution which will be added to my wages & salaries (1040 line 1)? Thanks!
‎June 22, 2020
9:18 PM