I just filed my 2016 taxes and realized I had an excess roth 401k contribution (not flagged by turbo tax). What do I need to do now to correct the excess contribution?

[MiriamF · Accepted solution]

You will need to notify your plan administrator as soon as possible to withdraw the excess contribution.

Because you were already taxed on the contribution, there will be no adjustment to your income for 2016. However, you will be taxed on the interest earned by the excess in 2017. Expect to receive a 1099-R for this excess contribution next year.

See the answer below for a more thorough explanation.

https://ttlc.intuit.com/replies/5087035

[db2016]

Thank you Turbo Tax Miriam - your answer was very helpful!