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I withdrew an excess deferral into 401K before April 15th, and entered the withdrawal under retirement income. Does Turbotax know not to calculate tax liability twice?
I contributed an excess of $595.50 into my 401K in 2018 (2 employers). After discovering the error, I withdrew $596 from the second employer's 401K.
I do not have a 1099-R but I entered the withdrawal under retirement income as if I had a 1099-R.
2 problems: TurboTax is flagging the excess contribution and marks it as an error, preventing filing; and how do I know I am not being taxed twice (once for the excess deferral and once for the new $596 withdrawal I have entered)?
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‎June 1, 2019
5:13 PM