@skmcspad wrote:
Through my employer's 401K Plan I contributed more than allowed so they had to return a portion of my 2019 401K contribution. I received a 1099R with the amounts filled in for both Box 1 (Gross distribution) and Box 2a (Taxable amount) plus Box 4 (Tax withheld). Also in Box 7, Code 8 was entered (Return of contribution taxable in 2019). I entered all these amounts in Turbo Tax in the 1099R Entries section along with other 1099R I have. However the amount for this 401K return is not included on Line 4b of Form 2010-SR where the other 1099R amounts are totaled. Is this correct? Should the returned 401K amount be included in Line 4b? If so then there appears to be a bug in Turbo Tax.
No. It goes on the 1040 line 1 (wages).
For information see IRS Pub 525 page 10
https://www.irs.gov/pub/irs-pdf/p525.pdf
2019.
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If the distribution was for a 2019 excess deferral, your Form 1099-R should have code 8 in box 7. Add the excess deferral amount to your wages on your 2019 tax return.
**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.**
