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kaiotes123
Returning Member

1099-Excess Deferral to 401k

I overcontributed $8000 to my 401k in 2020 as I switch employers. I sought and received a refund for $9,600 within the same year  (1,600 being the appreciation from the 8,000)

I was issued 1099-R 

Box 1 and 2 is 9,600

Box 7 populated w "8"

15, state and payer's state id populated

16, 9.600

 

Can someone please confirm that this 1099-R is populated correctly? I was expecting to see the 8000 somewhere.

Aside from the data from the 1099-R that is filed under the Retirement Plans and Social Security section, Do I need to report anything else?

2 Replies
dmertz
Level 15

1099-Excess Deferral to 401k

Yes, this Form 1099-R is correct, reporting a distribution of the $8,000 excess elective deferral plus $1,600 of attributable earnings.  The entire amount is taxable on your 2020 tax return.  Your W-2 from this employer should still show the $8,000 as part of your elective deferral that is excluded from box 1 and included in box 12 with code D, so none of this money is taxed twice.

kaiotes123
Returning Member

1099-Excess Deferral to 401k

Thank you

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