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posted Feb 1, 2025 12:03:20 PM

Where do you file for a 401K overpayment with 1099-k in 2025 tax filing to avoid penalties in 2026?

I switched jobs and over funded my 401k. I withdrew the overpayment, but my employer said that the 1099R would cover the withdrawal. Fidelity applied the withdrawal to a 2025 form and not 2024 because the payment date was Jan of 2025. I want to apply this to the 2024 return to avoid penalties but the instructions on turbo tax are outdated and the other income tab for uncommon situations and excess 401k is not available. Where do I input this 1099R?

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Expert Alumni
Feb 6, 2025 8:30:39 AM

You'll receive a Form 1099-R in 2025 since the withdrawal happened in 2025. However, the earnings need to be reported on your 2024 return, so you can report it now to avoid having to amend your return later.

 

See the help article What if I Have an Excess 401(k) Deferral? for steps on how to enter in TurboTax.