Will the withholding be included on the 1099R next year, on which the earnings will be reported? The withholding was greater than the earnings.
You'll need to sign in or create an account to connect with an expert.
If you are able to withdraw the excess contribution in time, you can report the excess contribution on line 7 of your 2018 Tax Return without a Form 1099-R by following these steps:
I have the same issue.
The problem is that the check I got was tax-withheld. I got the check before April 15th. Let's say the 401k excess amount was $10000. The check I got was $7000 (30% withheld). If I enter $10000 into TurboTax (for the current year), my tax goes up 30%. Doesn't this mean I am double-taxed ? They say they will send 1099-R next year, and suggested to contact TurboTax to enter the withheld amount (or rate) for the excess $10000. Where do I enter the withheld amount or the rate ? Or should I enter $7000 as the excess amount?
Let me clarify a little bit here..
I got the check before April 15th. Let's say the 401k excess amount was $10000. The check I got was $7000 (30% withheld). If I enter $10000 into TurboTax (for the current year), my tax goes up the extra $3000.
Doesn't this mean I am double-taxed ? They say they will send 1099-R next year, and suggested to contact TurboTax to find where to enter the withheld amount (or rate) for the excess $10000.
Where do I enter the withheld amount ($3000) or the rate (30%) in TurboTax?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
4739a404cfe2
New Member
lbru442413
New Member
anne-brooks
New Member
elfretz
Level 1
achair1
Level 1
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.