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TB3
New Member

Received 1099R this yr for last yr's 401K excess contribution that we took out before 4/15 and reported on last year return. Do we need to enter it in TurboTax this year?

The 1099R has code P (excess contributions plus earnings/excess deferrals (and/or earnings) taxable last year.
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Rachel_W
Expert Alumni

Received 1099R this yr for last yr's 401K excess contribution that we took out before 4/15 and reported on last year return. Do we need to enter it in TurboTax this year?

If you reported the excess contribution on last year's tax return, you can ignore Form 1099-R with a code "P" in box 7.   

Any earnings (if any) will be reported on a separate Form 1099-R with a Code "8" in Box 7 that should be reported on your 2018 tax return.

If there was a loss on the distribution of your excess contribution, you can Include the loss as a negative amount on Schedule 1, line 21 (Other Income) and designate it “Loss on Excess Deferral Distribution” .

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