@rkovelman wrote:
I will not be penalized for this. I know I do not pay taxes on the total amount in 2019, just the gross overages, not the earnings. That is where my focus is, just the overages/excess contribution.
Since the contribution was deducted from your wages, that excess, wen returned, must be added back to your taxable wages in line 1 or the 201040 form. There is no penalty, only the taxable income. Either method above will do that. The Miscellionious Income method is the simplest, but there are several screens to go through to get there.
**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.**
