excess contributiion 401k

greatlakesailor — Fri, 28 Mar 2025 20:35:02 GMT

2024 tax year I discovered that i have an excess contribution to my 401k (changed job in the middle of the year) . When I told my plan about this (fidelity) they refunded (feb25) the money to me but I don't have a 1099R and they won't issue me one until next year because the refund (dispersal) happened in 2025. How do I report this?

Re: excess contributiion 401k

MaryK4 — Fri, 28 Mar 2025 21:01:23 GMT

If you received a 2024 401(k) excess deferral distribution in 2025, you'll receive a 2025 Form 1099-R with distribution Code P in box 7; however, it must be included on your 2024 tax return. You have two options to do that:

Wait until next year when you receive the 2025 Form 1099-R and amend your 2024 tax return.
Report it now on your 2024 return and ignore the 2025 1099-R when it comes next year. NOTE: If your 2025 Form 1099-R has an amount in box 4, Federal tax withholding and/or box 14 State withholding, then you must enter it on your 2025 tax return. The 2025 Code P won’t affect your return, but the withholdings will be applied to 2025.

If you haven’t filed your 2024 return yet and want to report a 2024 excess 401(k) deferral that was distributed in 2025:

Sign in to TurboTax and open or continue your return.
Select Federal, then Wages & Income.
Under Less Common Income, select Start or Revisit next to Miscellaneous Income, 1099-A, 1099-C.
Select Start next to Other income not already reported on a Form W-2 or Form 1099.
Answer Yes to Did you receive any other wages?, then Continue.
Continue until you get to the Any other earned income screen. Answer Yes and select Continue.
On the Enter Source of Other Earned income screen, select Other and Continue.
On the Any Other Earned Income screen, enter 2024 Excess 401(k) Deferrals for the description, enter the amount, and select Done.

Re: excess contributiion 401k

greatlakesailor — Sat, 29 Mar 2025 19:30:43 GMT

Thank you Mary4K!!!

topic Re: excess contributiion 401k in Retirement tax questions

excess contributiion 401k

Re: excess contributiion 401k

Re: excess contributiion 401k