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pjdu
Level 2

Excess 401k contribution - Roth

Hi TurboTax Community, 

 

I contributed excess to 401k pre tax and roth accounts in 2022. I submitted a request to Fidelity to withdraw my excess. They issued a check withdrawing the excess contribution from my Roth 401k account on April 13th, 2023. I haven't filed my 2022 tax returns yet.  I am in California storm impacted region and got an extension until October 16th, 2023. How do I file my 2022 tax returns ? Should I include the excess roth 401k amount as Miscellaneous income in my 2022 tax return ?  Thank you. 

1 Best answer

Accepted Solutions
dmertz
Level 15

Excess 401k contribution - Roth

No, the excess Roth amount that was returned is not includible in income because you already paid taxes on that money.  Nothing about this needs to be included on your 2022 tax return.  If there were any attributable gains distributed with the returned contribution, they will be reported on code-8 2023 Form 1099-R that you'll report on your 2023 tax return.

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1 Reply
dmertz
Level 15

Excess 401k contribution - Roth

No, the excess Roth amount that was returned is not includible in income because you already paid taxes on that money.  Nothing about this needs to be included on your 2022 tax return.  If there were any attributable gains distributed with the returned contribution, they will be reported on code-8 2023 Form 1099-R that you'll report on your 2023 tax return.

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