turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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?
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

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.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies