TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Question

Roth 401k overcontribution question

Forum|Forum|4 years ago
February 24, 2022
1 reply
4 views

I switched jobs midyear and accidentally contributed over 19,500 to my 401ks.

Job A I contributed 9,750 regular 401k
Job B I contributed 9,750 regular 401k and an extra 4,000 in a Roth 401k.

How do I correct this? I figure I have to contact my 401k plan administrator and ask for them to return my 4,000 from my Roth 401k. I understand I'll get a 1099-R on that where I'll report any gains on my 2022 tax return.

How do I handle my 2021 tax return? It'll show the over contribution. How do I indicate that I'm correcting it?

TurboTax Free Edition Online

Level 15

Since you are obtaining the return of excess contribution from the Roth 401(k) account, nothing needs to be done on your 2021 tax return because Roth contributions were never excluded from the taxable amount in box 1 of your W-2.

DiaPirateAuthor

Level 2

Doesn't my overcontribution get flagged? They don't need to know that I'm resolving it?

I'm assuming I'm correct that I need to contact my employer about having the overcontribution withdrawn, even though it's a Roth 401k, right?

Level 15

Yes, you need to contact the employer to have the corrective distribution made. It needs to be done by April 15.