Retirement tax questions

Which plan does not matter.    It is too late to take any distribution.    The money just stays in the plan, but you do need to amend 2016 and add the excess to your tax return as wages since you did not pay the tax on that income.   When you finally take distributions (probably after retirement) that money will be taxed again.    That double tax is the penalty for not removing it by the April 15, 2017 date.

 

TurboTax no longer has 2016 software available for amending,

 

For information see IRS Pub 525 page 10
https://www.irs.gov/pub/irs-pdf/p525.pdf

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**