vrpvrp
New Member

Reporting excess Roth 401k contribution through Mega backdoor

Hi 

 

This is regarding Mega backdoor Roth 401k. By mistake I contributed excess of $2000 (After Tax) to Roth 401k in year 2020.  Fidelity returned the excess money along with "earnings" on that excess contribution on March 1st of 2021. ($2000 + $500)

 

(1) Do I report the excess earning ($500) for the tax year 2020 ? 

(2) I'm hoping Fidelity will send me 1099-R noting the withdrawal of excess contribution + earnings for year in tax year 2021, so I can just file for the tax year 2021 and not do anything for tax year 2020

(3) Since $2000 is after tax, I'm assuming I don't need to do any further reporting for this

 

Thanks

--vrp