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Question

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

Forum|Forum|7 years ago
June 5, 2019
1 reply
10 views

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?

TurboTax Deluxe Online

A

Anonymous

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.