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abrennan9
New Member

1099R -for excess contribution 401K - Box 7 Code P explanation assistance

I have to report an excess  contribution for my 2016 taxes.  When reading through the instructions I was directed to use code p in box 7 -the explanation for code P refers to excess contribution which is taxable for 2015 - should I really use code p or should I use code 8 which refers to 2016 taxable income?
1 Reply
SeanE1
New Member

1099R -for excess contribution 401K - Box 7 Code P explanation assistance

Code P is for excess contributions to a 401K, so use code P.  The IRS also receives a copy of your 1099-R and will be matching the information on your 1099-R to the information on your 2016 tax return, so input exactly what is on your 1099-R.

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