How do excess 401(k) deferrals get reported on 2018 Taxes?

Received 2 1099-R forms dated 2018 related to excess 401(k) deferral contributions mad in 2017. Total excess deferrals $505.50.  The1099-R reported amounts are reported as $83.50 under dist. code 8 on one 1099-R and $422.00 dist. code P on the other 1099-R.


DBSuther
New Member

Retirement tax questions

Does an excess deferral is 2018 get reported and corrected on 2018 tax return or 2019 return?

Retirement tax questions

2018, however if there were earnings that were returned in 2019, the earnings are reported on a 2019 tax return, the returned contribution on the 2018 tax return.   Code P reported on 2018, code 8 in 2019.
**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.**

Retirement tax questions

The code 8 is for taxable earning received in 2018 that are reported on your 2018 tax return.

The code P is the return of 2017 excess that must be include  as 2017 wages on an amended 2017 tax return.

Amended returns can only be mailed. It is suggested that it be mailed certified with return receipt (or other tracking service) to verify that the IRS receives it.


https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

https://ttlc.intuit.com/replies/3288565

You can check the status of the amended return here, but allow 3 weeks after mailing.

https://www.irs.gov/filing/individuals/amended-returns-form-1040-x-/wheres-my-amended-return-1

**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.**