How to handle 1099-R?

Forum|Forum|7 years ago
June 6, 2019
6 replies
44 views

I had made excess 401K contribution in 2015.

The money was refunded in 2016 and I received a 1099-R saying this is taxable amount.

When I prepared 2015 return, would TurboTax have caught & disallowed this excess contribution and included in my income anyways?

In other words, do I have to amend 2015 tax return?

Thanks.

TurboTax Deluxe Windows

Best answer by macuser_22

A code "P" indicates that you had an excess 2015 deferral returned in 2016. That is taxable in 2015 which will require an amended 2015 tax return to report it.

https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

https://ttlc.intuit.com/replies/3288565

macuser_22

Alumni - Champ

What code is in box 7?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

macuser_22

Answer

Alumni - Champ

A code "P" indicates that you had an excess 2015 deferral returned in 2016. That is taxable in 2015 which will require an amended 2015 tax return to report it.

https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

https://ttlc.intuit.com/replies/3288565

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

mptpat115Author

Level 2

Thanks for your response. So, you are implying Turbotax did not catch this was an excess contribution in 2015. Will that not be unusual? If they can catch excess IRA contribution, why not excess 401K?