@Ryan_us wrote:
I have same issue for my 2021 return. Basically both plan administrators don't let me withdraw. Since the excess is small it is OK for me to be taxed twice on the amount. Now my question is how to report the excess as taxable income tax for my 2021 return?
It seems that the instruction Rachel_W mentioned is for the case that "you are able to withdraw the excess contribution in time", because the quote is "If you are able to withdraw the excess contribution in time, you can report the excess contribution on line 7 of your 2017 Tax Return without a Form 1099-R by following these steps: ".
How to report 2021 tax using Turbo tax if the plan administrators don't let me withdraw?
Thanks!
If an excess and only one employer then that employer is required by law to return it, but if two (or more) employers and neither one created the excess with what they reported while you worked for that employer then neither one is required to return the excess although most will. If they don't then you are stuck with it which is not necessary bad since the excess remaining in the account can c
Excess 401(k) deferrals should be reported in:
(There are several screens to click through to get to the right place)
Miscellionious Income ->
Other Income not reported on a W-2 ->
Other wages (yes) ->
House Hold employee (Continue) ->
Sick Pay (Continue) ->
Other earned income (yes) (Includes excess salary deferrals)->
Source of income (other) ->
Any other income - enter the amount of the excess deferral and an explanation.
This will add the taxable excess to your 2020 wages on line 1 as required.
**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.**
