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New Member
posted Jun 3, 2019 10:30:32 AM

I have excess contribution in my 401k and asked to adjust that. I got a 1099R with box 7 as Code P. TT says that P is "income taxable in 2017" which seems wrong

Considering the current year is 2019 that I put all this money into the 401K in the year 2018 why is this money considered taxable in 2017?

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1 Best answer
Level 15
Jun 3, 2019 10:30:33 AM

The drop-down text assumes that you are entering a 2018 Form 1099-R.  However, you are entering a code P 2019 Form 1099-R so when TurboTax asks the year of the form, you must answer 2019.  This will cause TurboTax to treat this as taxable in 2018.

3 Replies
Level 15
Jun 3, 2019 10:30:33 AM

The drop-down text assumes that you are entering a 2018 Form 1099-R.  However, you are entering a code P 2019 Form 1099-R so when TurboTax asks the year of the form, you must answer 2019.  This will cause TurboTax to treat this as taxable in 2018.

New Member
Jun 3, 2019 10:30:34 AM

I think there might be an issue with Turbo Tax where it doesn't let anyone with >18.5k 401K contribution to file taxes for 2018. I finished inputting all of the info and at the end it just goes in a loop asking for the amount in the box to be adjusted.

Level 15
Jun 3, 2019 10:30:35 AM

Yes, the most recent update introduced a problem:
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4698409-excess-401-k-contribution-preventing-e-file">https://ttlc.intuit.com/questions/4698409-excess-401-k-contribution-preventing-e-file</a>