Excess contribution to 401k

PRANDA · ‎January 19, 2024

I had an excess contribution to my 401k account in the year 2022 by 249.57$ as I switched jobs and had two 401k account administrators and did not realize till April 15th 2022 deadline. This mistake wasn’t discovered until after April 15th, 2022. I have filed my 2022 taxes. What do I do now in 2023 ? Please help.

dmertz · ‎January 19, 2024

Assuming that the $249.57 was part of an elective deferral reported with code D in box 12 of your W-2, you need to amend your 2022 tax return to add this amount as other taxable income. There is nothing else that you need to do. Nothing about this is reportable on your 2023 tax return.

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dmertz · ‎January 19, 2024

Assuming that the $249.57 was part of an elective deferral reported with code D in box 12 of your W-2, you need to amend your 2022 tax return to add this amount as other taxable income. There is nothing else that you need to do. Nothing about this is reportable on your 2023 tax return.