Hi Dmertz: The individual retirement plan company processed the removal of excess form and issued a check for the principal amount + the amount of profit made on that principal.
I suppose I need to report both these amounts as an income when I file my taxes via Turbox Tax? Please confirm.
I am also concerned that the excess will now look more than what I had calculated.
Fox Example: 2019 Max 401k limit 19000
the excess amount I calculated $2000
I got back a check of #2100 for $100 income on the principal from the individual 401k company that processed the excess form. I suppose they will issue me a 1099-R for this.
What amount should I report in Turbox Tax for 401K annual contribution amount
a) should I report exactly 19000
or
b) 1$9000-$100 ( excess income on the principal)
I generated the annual W2 from my payroll company. It is showing the original amount that I had depoisted with the 401k plan admin company. As you had suggested, I am not filing a W2 correction request and will the steps to report this amount as an income on my personal income tax in turbo tax. Please confirm if that should be fine.
Thank You
Kevin
