Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
norarika
Level 1

What do I need to do (if anything) in TurboTax to file my 2017 (not 2018) taxes correctly when I overcontributed to my ROTH 401k in 2017?

 
1 Best answer

Accepted Solutions
Rachel_W
Level 4

What do I need to do (if anything) in TurboTax to file my 2017 (not 2018) taxes correctly when I overcontributed to my ROTH 401k in 2017?

There is nothing you need to do in TurboTax to file your 2017 Tax Return in regards to your overcontribution to your Roth 401(k).

If you haven't already done so, you should request a distribution of the excess contribution now.  The distribution will be reported on a 2018 Form 1099-R that you will receive near the end of January 2019.  Because it's coming from a Roth account, the amount of your contribution returned will not be taxable; however, any earnings will be taxable on your 2018 tax return.  

View solution in original post

1 Reply
Rachel_W
Level 4

What do I need to do (if anything) in TurboTax to file my 2017 (not 2018) taxes correctly when I overcontributed to my ROTH 401k in 2017?

There is nothing you need to do in TurboTax to file your 2017 Tax Return in regards to your overcontribution to your Roth 401(k).

If you haven't already done so, you should request a distribution of the excess contribution now.  The distribution will be reported on a 2018 Form 1099-R that you will receive near the end of January 2019.  Because it's coming from a Roth account, the amount of your contribution returned will not be taxable; however, any earnings will be taxable on your 2018 tax return.  

Dynamic AdsDynamic Ads
Privacy Settings
v