2 companies with 2 W-2s produced an excess 401K contribution. Received 2 1099-R forms after bringing this to their attention: one to roll part of the overage to a traditional IRA (G in box 7) and one to identify the remainder as taxable income (8 in box 7.) On the latter form, federal taxes (box 4) were withheld at 10%. We contacted the employer with the W-2 overage to ask if a corrected W-2 was necessary. They indicated they would not send a corrected W-2 and the original with the over contribution was the correct one. I was told the 1099-R forms would correct this on my return. Does anyone know if this is correct? I've heard different answers on this question and I'm not sure how to file. When I did a first run of my taxes on TurboTax the over-contribution popped up at the end as something that required my attention. Trying to get some clarity here.
