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Retirement tax questions
Thank much Dmertz
I entered the "Excess salary deferral." in Miscellaneous Income section and I see that Turbo Tax added that amount in line 1 of 1040 , few issues
1) Since the actual excess was 2000 and I got back 2100 due to the interest earned while the money was sitting in 401K plan, should I enter 2100 as excess in "Miscellaneous Income section"". When I enter 2000 it adds only 2000 on form 1040 line 1.
2) After entry of the amount of 2100 in "Miscellaneous Income section" , I see it populated a form 5329-T PARTIII which somehow thinks the excess was done in a traditional IRA , form 5329 part III "Additional Tax on Excess Contribution to Traditional IRAs"
Is there any way to tell it that the excess was in 401 K and not traditional IRA?
Thanks much again for your help
Kevin