When my 401K contribution is too much does Turbo Tax account for that? I had 3 employers last year and about 900 too much was withheld.

14randykhouse · ‎May 31, 2019

I had 3 employers and they didn't check to make sure I had not surpassed the 401K 24K limit for 2016 and I was under the impression they would.

dmertz · ‎May 31, 2019

No, TurboTax will not detect this. It's your responsibility to contact one of the plan administrators by April 15 (or an earlier date specified by the plan) and obtain a corrective distribution. The amount distributed must be included in your 2016 tax return, most likely by entering into 2016 TurboTax the code P 2017 From 1099-R that you would expect to receive by January 31, 2018.

When my 401K contribution is too much does Turbo Tax account for that? I had 3 employers last year and about 900 too much was withheld.

Retirement tax questions