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Over Contributed to 401K. Filed taxes before Fidelity moved the money. Now need to know what to do.

I filed my taxes on April 15.  Turbo Tax identified that my wife over contributed to her 401K because she had 3 employers last year.  Was instructed to request $5111 to be removed from the account.  Fidelity stopped accepting requests on 4/8.  I filed my taxes and now I need to know what to do?

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2 Replies
Anonymous
Not applicable

Over Contributed to 401K. Filed taxes before Fidelity moved the money. Now need to know what to do.

excess deferral are included in the employee's gross income - irc sec 402(g)(1)(A), reg 1.402(g)-1(d)(1).  they will be taxed again on distribution unless distributed to the employee in a corrective (nontaxable) during the tax year made or by 4/15 of the following year irc sec 402(g)(2)(C) reg 1.402(g)(1)(e)(8)

Rachel_W
Expert Alumni

Over Contributed to 401K. Filed taxes before Fidelity moved the money. Now need to know what to do.

You need to Amend your 2018 Tax Return to include the excess contribution to your 401(K) as wages on your Tax Return.  You can click here for instructions on Amending your tax return: How to Change a Tax Return You Already Filed.  

Once you start the Amendment process, follow these steps to add your excess 401(K) contribution to your wages: 

  • 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
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