Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Still need to file? Our experts can get your taxes done right. Get started >
Close icon
Do you have a TurboTax Online account?

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

Showing results for 
Search instead for 
Did you mean: 
Debbie Przybylski
New Member

Excess contributions to 401K

Good Afternoon

I hope you are doing well during this pandemic.


In 2018 I contributed more than the max allowed 401K contribution due to having 2 employers.

I did include the taxable overage on my 2018 taxes (although I think I used a wrong figure and will likely have to amend those taxes). 


I did receive 1099 R forms and did populate all the boxes needed for my 2019 returns on my turbo tax forms.  I did have a loss from the excess deferral that I took out last year.  My question is where to report this amount in my 2019 return.  The letter fromFidelity states " the loss attributable to your excess deferral may be reported as a negative amount on the Other Income line of your 2019 Federal and State (if applicable) income tax returns." I tried to place this value in different areas of other income, but keep receiving errors.  What is your recommendation.

Thank you for your assistance.





3 Replies
Expert Alumni

Excess contributions to 401K

To report as "Other Income" in TurboTax, while in your return:

  • Type "Other Income" in the search window
  • Click on "Jump to Other Income"
  • Enter the information from your Form 1099-MISC, and click on Continue
  • Enter a description such as "Loss on Excess Contribution" and click on Continue
  • On the screen with "Does one of these uncommon situations apply?", indicate "None of these apply"
  • Answer "No..." to "Loss on Excess Contribution involve work that's like your main job?"
  • Answer "I got it in 2019" when asked "How often did you get income for Loss....?"
  • Answer "No, it didn't involve an intent to earn money."

The amount will be reported on line 8 of Schedule 1 (Form 1040).

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Returning Member

Excess contributions to 401K

where would you record a loss attributable to an excess deferral?

Expert Alumni

Excess contributions to 401K

You would report it in Other Reportable income as a negative number for a loss.


In TurboTax, open your return and follow these steps:

  • Click on Federal in the left-hand column, then on Wages and Income on top of the screen
  • Scroll down to All Income, locate the Less Common Income section
  • Click Show more and click Start next to Miscellaneous Income at the bottom
  • On the next page, click Start next to Other Reportable Income.
  • Enter your loss as a negative number and describe it as Loss on excess contribution to 401(k)
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies