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amul.17
New Member

Do i need to file Amendment for 2018 tax return, if have over contributed 401k Amount in 2018, and got amount back from plan administrator

In 2018 i did over contribution to my 401K by $772. So my plan admin started a refund and instead refunded $720 on 31st March. So I have two questions

1) Do i need to file Amendment for 2018 return 

2) What amount should i report. 772 or 720

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5 Replies
Rachel_W
Expert Alumni

Do i need to file Amendment for 2018 tax return, if have over contributed 401k Amount in 2018, and got amount back from plan administrator

1) Yes, if you have already filed your 2018 Tax Return, you will need to Amend it.  You can click here for instructions on Amending your tax return: How to Change a Tax Return You Already Filed.  

2) You should report the full amount of your over contribution, $772.  Please follow the instructions in this link to report your over contibution of $772 as wages on your 2018 Tax Return: How to report excess 401(k) Contribution

amul.17
New Member

Do i need to file Amendment for 2018 tax return, if have over contributed 401k Amount in 2018, and got amount back from plan administrator

Thanks TurboTaxRachelW for responding. Follow up question. I have not received 1099-R form from my Plan administrator. Do you suggest to wait for that form before filing the Amendment for 2018. I have my got my federal amount back and State tax paid already for 2018.
Also I read on the links you shared that there is no dead line for Apr 15 for amendment and in fact i can amend it till 2 years as well? is that right???
Rachel_W
Expert Alumni

Do i need to file Amendment for 2018 tax return, if have over contributed 401k Amount in 2018, and got amount back from plan administrator

No, you don't need to wait for your 1099-R to Amend your Tax Return.  You have until 4/15/22 to file and Amendment for your 2018 Tax Return.  However, I recommend that you Amend as soon as possible to avoid any notices, penalties or interest from the IRS since you will most likely have a small balance due.
amul.17
New Member

Do i need to file Amendment for 2018 tax return, if have over contributed 401k Amount in 2018, and got amount back from plan administrator

Thanks a lot for the response...Will file my Amendment right away...
Rachel_W
Expert Alumni

Do i need to file Amendment for 2018 tax return, if have over contributed 401k Amount in 2018, and got amount back from plan administrator

You're welcome!
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