How to report excess deferral (401k over contribution) in 2018 without a 1099R?

[macuser_22]

@chenhua00 - You still must report it as an excess using method #2 in the answer and add it back into your taxable wages since the deduction is not allowed.   

If beyond the date to have it returned then it stays in the 401(k) plan and will be taxed again when finally withdrawn at retirement.    That "double tax" is the penalty for not timely removing.   

That is described in the IRS Pub "Excess not distributed".
For information see IRS Pub 525 page 10
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p525.pdf">https://www.irs.gov/pub/irs-pdf/p525.pdf</a>

[erdoc000]

as of 11am 4/5, it's still not fixed

[macuser_22]

It is for the CD/download versions.  Then they say 4/5 it means before midnight. Online is usually updated  late in the evening hours.

[tomf60]

Turbo tax. when is this being released?

[tomf60]

apparently the fix was released but it does not fix the efile issue. You need to paper file. we all should get our money back because of this

[livid99]

Turbotax has a bug in calculation.  In theory, the tax return number should remain the same when you add the over contributed part as income comparing with the case that you didn't over contribute to 401k (just try to modify the Box 12D number in w2 form so the total contribution becomes exactly the 401k cap of 2018).  However, turbotax gives a much lower tax return if you add the over contributed part as income.  

[tomf60]

You can not change the  W2. It will not match what the employer sent to IRS. Do you have a work around or I just can not efile and I need to mail my returns?

[livid99]

I understand you can't change W2.  What I mean is Turbotax does not calculate the tax return correctly.

[macuser_22]

Yes,  Box 12 dose not take part in any calculations.

[tomf60]

This fix never got released when I check for updates. When it being released

[zabich]

This is a very common issue. Why TT can't fix it but requires efile? It's really disappointing.

[flemiaj]

Has it been confirmed TT will be updating to allow for efiling? I am ready to file and don't want to mail in if efiling is an option.

[tomf60]

I do not think so. I mailed them today and ask for a refund for the software

[caseyolives]

I am also receiving this error. I understand that this is preventing efile. i am using turbotax online and cannont override either. Is it correct then that this error can be ignored and that my return can be filed by paper? It is not clear to me if the actual calculations are incorrect of if this is just a bug preventing efile. Thanks

[panos_spiros]

I spent 30 minutes trying to get a refund last night and they refused to give me a refund.