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bob_swaim
Returning Member

I was informed by my former employer of an excess contribution to my 401K when I retired in 09. I withdrew the excess and earnings in 2016. What must I report to the IRS?

I rolled my 401K into an IRA in 2013.  Fidelity recently sent me 4 new 2013 1099 Rs.  I withdrew the excess and earnings in 2016 and had 25% tax withheld.  Employer advised they had received approval of the correction of the error under the IRS Voluntary Correction Program, and I owe no penalties.  What am I required to file with the IRS?

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TomD8
Level 15

I was informed by my former employer of an excess contribution to my 401K when I retired in 09. I withdrew the excess and earnings in 2016. What must I report to the IRS?

If Fidelity is the plan sponsor or custodian I would suggest asking a Fidelity Retirement specialist whether or not you have any reporting requirement at this point.

If the IRS issues a compliance statement it usually means that all the necessary corrections have been made and accepted.  https://www.irs.gov/retirement-plans/voluntary-correction-program-general-description

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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1 Reply
TomD8
Level 15

I was informed by my former employer of an excess contribution to my 401K when I retired in 09. I withdrew the excess and earnings in 2016. What must I report to the IRS?

If Fidelity is the plan sponsor or custodian I would suggest asking a Fidelity Retirement specialist whether or not you have any reporting requirement at this point.

If the IRS issues a compliance statement it usually means that all the necessary corrections have been made and accepted.  https://www.irs.gov/retirement-plans/voluntary-correction-program-general-description

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
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