turbotax icon
Showing results for 
Search instead for 
Did you mean: 
Oct 16 is the IRS deadline–file confidently with expert help. File Now
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

My wife contributed too much in 401 because she has 2 jobs...what do we do now ?

This feature is pending. Thanks for your patience.
Didn't get the answer you wanted? Talk to a live expert to get the help you need.
1 Reply
Expert Alumni

My wife contributed too much in 401 because she has 2 jobs...what do we do now ?

First, if you haven't done so already, you should contact the Financial Institution holding your 401(K) to request a distribution of the excess contributions.  This should be done before the due date of your return, 4/15/2019 to avoid double taxation on the amount.  Check out IRS Pub 525 for more details:  https://www.irs.gov/pub/irs-pdf/p525.pdf.

Next, you should report the excess contributions on Line 1 of your 2018 Tax Return by following these steps in TurboTax Online:

  • Login to your TurboTax Online Account
  • Click "Take Me to My Return"
  • Click "Federal" from the left side of your screen
  • Scroll down to "Less Common Income" and click "Show More"
  • Select "Miscellaneous Income" and click Start or Update
  • Select "Other income not already reported on a Form W-2 or Form 1099" and click on Start
  • Answer the Question "Did you receive any other wages?  Yes
  • Click "Continue" through the questions until you get to "Any Other Earned Income"
  • Answer "Yes" to "Did you earn any other wages?
  • Indicate "Other" as Source of Other Earned Income and click Continue
  • For the description enter "2018 Excess 401K Deferrals" and click on Done 

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