- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
I am specifically looking for answer for Roth 401k. The explanation above is for traditional 401k. Since Roth contributions are not tax deductible, it would seem return of excess capital contribution before April 15 2019 also should not create additional income in 2018. The excess earnings (or loss) on the excess contribution will be taxable in 2019 I assume. The steps you explained treats the return of excess contribution as additional income for 2018, not as return of capital. I contact TurboTax tax expert by phone and he also cannot find a place to input the excess capital for the 2018 return. His observation is since the program recognized that I had an excess but did not compute a penalty nor prompt me for additional forms, it must have taken care of it in the background. Unfortunately we can’t verify that. Please help
June 1, 2019
12:24 PM