Thanks @DianeC958 for responding to all my questions. I do still have further clarification.
Substitute Form 1099-R
Based on your explanation it seems I will receive 1099-R for this withdrawal not likely until next year so I will have to go for substitute Form to file the tax return this year. I do notice in TurboTax it mentions this in the Learn More section for substitute 1099-R.
You'll be required to:
- describe your communications with the plan administrator in your attempt to get the form, and
- attest to the IRS that you were unable to obtain it.
Does TurboTax will guide through completing the above steps? It seems I will have to fill Form 4852.
The first response to my query which was answered by an Expert @KarenM90
That seems to take a completely different approach to report this income.
Select "Other income not already reported on a Form W-2 or Form 1099" and click on Start
I could navigate to the section as per the direction and put in description “2019 Excess 401K Deferrals”.
I don’t know if these two different approaches to report this extra income eventually leads to the same documents or not.
Which approach should I be taking – Substitute Form 1099-R or Other income not already reported on Form W-2 or Form 1099?
The excess amount contributed to 401-K is relatively small. I don’t think it should matter from which 401-K I withdraw this extra contribution since I had two. Please confirm.
