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Level 2

Need help with reporting excess 401k withdrawal

I overcontributed to my 401K by $102.45 in 2019.  I reached out to fidelity and received a check for $127.93 (the $102.45 overcontribution + $25.48 earnings), but I received the check in Feb 2020.  I will not be getting a 1099-R until 2021.  Can anyone provide me what steps are needed so I do not need to file an amended return?  I tried filling out a 1099-R form in turbotax, but they are asking for information which I can only obtain from the 1099-R form. 

 

Will I have to pay the penalty next year if I don't report this till next year?

Will I have to do an amended return if I don't report this till next year?

 

Thanks!

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Expert Alumni

Need help with reporting excess 401k withdrawal

You will want to follow these steps:

 

1.  Report the excess deferral on your 2019 return in the Income section for Retirement Plans and Social Security whether or not you received a Form 1099-R before you file your return. Enter as much information as you can. Report the excess deferral amount in boxes 1 and 2a, and use code P in box 7. Indicate that this is a 2020 Form 1099-R.

 

2. In 2020, you will probably receive two Forms 1099-R. One reports the excess deferral amount. The other reports the earnings on the excess deferral. Enter both of these forms in your 2020 return, and we'll only add the earnings to your 2020 income.

 

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