I have a 401k plan that allows both traditional (pre-tax or Roth) contributions as well as after-tax contributions. I maxed out the total contribution limit in 2019 (traditional and after-tax).
I changed employers in 2020. At the end of April, I requested the after-tax contributions be rolled over to a Roth IRA account (pre-tax went elsewhere). The process took awhile. During this time, my previous employer contributed an additional match to my 401k account as part of a true-up for 2019 contributions. I did not notice this. The additional match ended up rollover over to my Roth IRA.
The 401k company sent me a letter in June notifying me that they tried to refund the $100 (after-tax basis $110) because it put me over the total 2019 401k contribution limit. However, by this time the money had rolled over to the Roth IRA already. They indicated they would amend my 2020 1099-R with:
- $100 gross amount
- $110 after-tax basis
- distribution code: E
- description: 415(c)(1)(a)
I called the Roth IRA company and asked for this "excess contribution" to be returned to me. They sent me a check for $100 + $5 gains.
I assume I have to amend my 2019 tax return. How do I do this in 2019 Turbotax?
Thank you!
Edit: crossed out incorrect information.
