Hi I worked for two companies in 2018 so I over contributed to 401k. After I found out about this, I contacted the plan owner(previous company) and asked them to return the excess contribution (after tax , and before 4/15/2019) . They returned the money. However, they said I would not get an updated W2. I filled out the tax forms with the estimated number of the federal and state tax.
I would expect either the previous company or the plan owner to send me another tax form for this this year so that I can amend my 2018 tax based on the real numbers. However, I have not received anything from either the previous employer or the plan owner.
Should I contact anyone for this? If so, should I contact the previous employer or the plan owner?
Thank you for your help.
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No the W-2 cannot be changed because it reports what was actually contributed.
If returned in 2019 then yiu should have received a 2019 1099-R with a code P in box 7 that would be reported as wages in your 2018 tax return because you must claim the amount that was not reported on the W-2 as wages as if they were on the W-2.
Any earnings attributed to the excess would be reported on a 2nd 1099-R with a code 8 in box 7 that is taxable in the year returned - 2019, so that goes in yiur 2019 tax return.
If you did not receive the 1099-R's then contact the 401(k) plan trustee as there were required by law to issue them no later than Jan 31, 2020.
For information see IRS Pub 525 page 10
https://www.irs.gov/pub/irs-pdf/p525.pdf
Thanks macuser_22!
I just found 1099-R on the plan's website. However, on the form it says "1099-R", and in box 7, the code is "P", which stands for "normal distribution". Is it incorrect? In this case, do I need to contact them for correction?
Also, I am about to file tax return for 2019, whose deadline is in 3 days. In case I cannot receive the corrected 1099-R form, should I fill with the wrong form?
don't file an incorrect tax return, knowingly or unknowingly.
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