Turbotax identified that I contributed an excess of $910 to my 401(k) in 2018. I requested the excess to be returned from my plan administrator and was given $839.17 due to a loss of $70.39 on the investment. I was able to follow the instructions for reporting the net gain of $839.17 as additional income, however, I cannot figure out where to report the loss of $70.39. The only instruction I can find, state to report it as a negative number on line 21 of form 1040 with the description of "Loss on Excess Deferral" but in Turbotax I don't see a way to get to line 21. What steps in Turbotax do I use to report this loss? Thank you in advance for your time, energy, and effort to answer this question.
You'll need to sign in or create an account to connect with an expert.
When I enter negative amount as described above, Turbotax is not allowing me to eFile my Federal tax returns. It says I need to fix the return and 'Wages, Salaries & Tips worksheet: TP other earned inc shouldn't be less than zero." Please help!!
Does smart error check find that. When I try it I do not get any errors.
Yes
All I can suggest is delete and re-enter. Be sure that there are no other errors in smart check.
It might be only a problem in the online version (I am using desktop). This should be allowed since it is what the IRS says to do.
You can call customer support, but I doubt that they will be able to do anything.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
megan0956
Returning Member
SoCalRetiree
Level 1
ayubruin7777
Level 1
jjyoo92
New Member
FitWit
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.