Elective Deferrals is more than the allowed $18500 for a 401k plan

Forum|Forum|7 years ago
June 5, 2019
2 replies
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My spouse has moved jobs in 2018. His first job had a 403(b) and his second has a 401(k). Combined, it is going over the limit. I am unable to submit my tax returns because of this. What should I do?

TurboTax Deluxe Windows

MarilynG

Level 15

Contact your Plan Administrator to have either the Excess Contribution Amount (plus earnings) returned to you, or to have it count towards your 2019 contribution limit.

Adjust your payroll deductions accordingly if you defer to 2019 Contributions.

Here's how to report the excess contribution amount (change 2017 to 2018):

https://ttlc.intuit.com/replies/6871546

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TTUserfromCAAuthor

Level 2

Hi @TurboTaxMarilynG , I didn't realize that my response was specific to @macuser_22 , but as I mentioned to him, there is still this looping error. Please find here the steps I followed:

- My spouse has an excess contribution due to job changes in 2018
- I have the CD/download version of TurboTax and encountered this error in the "Review" tab
- I have implemented your recommendation - 2019 1099-R code P (since I already have this done)
- this now reflects under my Federal Taxes > Wages & Income > Retirement Plans and Social Security > IRA, 401(k), Pension Plan Withdrawals (1099-R) under the 2018 column
- I go to Federal Taxes > Smart Check and see the warning in 12b and ignore and proceed to the Review tab
- the Review tab analysis also provides me this warning on 12b
- I continue on to File > File a Return > Transmit Your Returns (Transmit Returns Now). This is going into a loop...

Transmit Your Returns (Transmit Returns Now) > We Need to Make One More Check (Continue) > Check This Entry [12b warning] (Continue) > Transmit Your Returns (Transmit Returns Now)

Any idea how to get this fixed? I paid for the e-file as part of the package for Federal and also paid on top of that for the State-level and would really want this done e-filed via TurboTax.

macuser_22

Alumni - Champ

TurboTax has released a FAQ on this issue - the answer is to print and mail the return.

Excess 401(k) Contribution Preventing e-File

https://ttlc.intuit.com/replies/7327357

**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.**