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Retirement tax questions
Please see attached screenshot about the deadline to withdraw the excessive 401k/Trad IRA distribution.
Recap:
I just found out through Turbotax that I contributed an excess of $547 into my 401k in 2019. I have been trying to solve the problem in the last 24 hours with the brokerage firm and employers over the phone but they seemed confused, unhelpful and trying to point fingers at each other. What’s the best way to proceed and fix this problem prior to the July 15 Tax Day? I followed the steps mentioned in the following blog where I reported the $547 amount as an income: "2019 Excess 401K Deferrals" https://ttlc.intuit.com/community/state-taxes/discussion/steps-to-take-to-remove-an-excess-salary-de....
Is this the best solution? Should the brokerage firm send me a check for the excessive contribution amount ($547) prior to July 15 per Turbotax (see attached screenshot) to close the loop and then send me 1099-R for the principal and another one for the earnings? Can they take the money from my IRA account since I no longer have 401k account?
Background info: I separated from company A on December 31, 2018. They payed me for the last week of December in early January (pay period 12/22/18 to 01/04/2019). I’m not sure why they included a 2019 401k contribution of $547. I already maxed out my 2018 401k contribution. I rolled over company A 401k funds to a traditional IRA plan sometimes in 2019 with the same brokerage firm.
In February 2019, I started a new job with company B. I contributed to a new 401k plan and maxed out my contribution. I also separated from company B and rolled over my 401k to an IRA plan last month.