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bpearman
New Member

How do I handle a "Return of Excess Funds" to my 401K without a 1099-R?

Here is my original question.  I commented, but never got a response.

https://ttlc.intuit.com/questions/4720090-how-do-i-handle-an-over-contribution-to-both-my-hsa-and-40...

How do I input 1099-R information that I do not have?  I have information for boxes 1, 2a, and 7 in TurboTax, but nothing else.  I do not have the address or any other information.  What do I put for the seven or so boxes that I have no information for in TurboTax?


1 Reply
BMcCalpin
Level 13

How do I handle a "Return of Excess Funds" to my 401K without a 1099-R?

Two things:

(1) "the corrective distribution must be made be made no later than April 15th following the close of the calendar year during which the excess deferral was made. See IRC Section 402(g)(2)(A)(ii). For example, excess deferrals made during 2016 must be distributed by April 15, 2017. This April 15th deadline is not postponed by extending the filing of the employee's federal income tax return[emphasis mine]." See this IRS webpage.

So this is different from an HSA, where the withdrawal end date for excess contributions is April 15, or October 15 if extended.

(2) It looks like you have put in just enough boxes on the imaginary 1099-R; however, there is a continuing issue with the 401(k) with an excess deferral (note that this screen was updated just an hour ago). You may have to paper file. Please see https://ttlc.intuit.com/replies/7327357

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