Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
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.

cancel
Showing results for 
Search instead for 
Did you mean: 
nishi4939
Level 2

I received a 1099R (for withdrawal of same year 2018 excess 401k contribution) . Do I need to enter 1099R if I use the revised w2 with the corrected 401k contribution?

It seems that my taxes would be unjustifiably higher if I show the corrected and revised value of my 401k contribution for the year as well as an1099R withdrawal (though coded as 8 under box 7). This withdrwal took place  in the same year of 2018 contribution. 

So would it not be correct to either

option1 use the revised w2 with corrected and reduced 401k contribution and not enter 1099R info 

or 

option2: use the original w2 with excess 401k contribution along with the 1099R entries 

If so, which option is preferred?

1 Reply
DawnC0
Intuit Alumni

I received a 1099R (for withdrawal of same year 2018 excess 401k contribution) . Do I need to enter 1099R if I use the revised w2 with the corrected 401k contribution?

Option 1 is the preferred option.  The corrected W-2 has the correct compensation amounts in Box 1 which is where it should be.  You can ignore the 1099-R as you are paying the tax in 2018 via the increased Box 1 amount.  Keep records in case you have to explain the unreported 1099-R.   However, if any of the amounts on the 1099-R represent earnings on the excess contribution, the amount of those earnings should be included in income also.  

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
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~