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Retirement tax questions
- You are correct, the description should be 2020 Excess 401k Deferrals.
- I received back the excess contribution in 2021, should it still be 2020 Other income?: See 2020 Publication 525: Taxable and Nontaxable Income, page 10 and 11. Yes, it should still be in 2020 Other income.
- No, report the full amount of the distribution. You will capture the loss in 2021.
- It depends. If it was not issued, it cannot be included. The excess deferral is added to your wages in 2020.
‎April 17, 2021
1:36 PM