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How to report over contribution in 401K for 2017 on 2017 tax return without a 1099R
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June 3, 2019
10:59 AM
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Retirement tax questions
You can report the excess contribution to your 401K on line 7 of your 2017 Tax Return without a Form 1099-R by following these steps:
- Click on the "Federal Taxes" Tab
- Click on the "Wages & Income" Tab
- Click on "I'll choose what I work on"
- Scroll down to "Less Common Income"
- Select "Miscellaneous Income" and click Start or Update
- Select "Other income not already reported on a Form W-2 or Form 1099" and click on Start
- Answer the Question "Did you receive any other wages? Yes
- Click through the questions until you get to "Any Other Earned Income"
- Answer Yes to "Did you earn any other wages?
- Indicate "Other" as Source of Other Earned Income and click Continue
- For the description enter "2017 Excess 401K Deferrals" and click on Done
June 3, 2019
10:59 AM
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Retirement tax questions
Despite your instructions, my return still doesn't pass Review and I can't e-file as a result.
June 3, 2019
10:59 AM
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Retirement tax questions
Seems we cannot efile for Federal Tax refund, but can we still e-file for State Tax reporting (Ex: NY)? It is not clear either.
June 3, 2019
10:59 AM
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Retirement tax questions
(This is a year old post but for 2018)
This is currently being investigated by TurboTax, but in the meantime:
You should NOT change any W-2 information. The IRS gets a copy from the employer and what you report must match. In addition if the W-2 box 1 amount is less the the box 3 amount the difference must be accounted for in box 12 - if not, that could be a "red-flag" audit trigger.
TurboTax has released a FAQ on this issue - the workaround answer is to print and mail the return.
Excess 401(k) Contribution Preventing e-File
https://ttlc.intuit.com/replies/7327357
**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.**
June 3, 2019
10:59 AM