Excess contribution to 401K in 2018 not refunded by April 15, 2019

AndaM — Mon, 03 Jun 2019 19:05:31 GMT

If you are unable to have your excess 401(K) Contribution...

Rachel_W — Mon, 03 Jun 2019 19:05:33 GMT

If you are unable to have your excess 401(K) Contribution refunded by 4/15/19, it will be taxed twice.....once on your 2018 Tax Return and then again in the future when you withdraw the funds. Check out IRS Pub 525 for more details: https://www.irs.gov/pub/irs-pdf/p525.pdf.

You should report the excess contributions to your 401(K) as Wages on line 1 of your 2018 Tax Return by following these steps:

Click on the "Federal Taxes" Tab
Click on the "Wages & Income" Tab
Click on "I'll choose what I work on"
Scroll down to "Less Common Income"
Select "Miscellaneous Income" and click Start or Update
Select "Other income not already reported on a Form W-2 or Form 1099" and click on Start
Answer the Question "Did you receive any other wages? Yes
Click through the questions until you get to "Any Other Earned Income"
Answer Yes to "Did you earn any other wages?
Indicate "Other" as Source of Other Earned Income and click Continue
For the description enter "8Excess 401K Deferrals" and click on Done

topic Excess contribution to 401K in 2018 not refunded by April 15, 2019 in Retirement tax questions

Excess contribution to 401K in 2018 not refunded by April 15, 2019

If you are unable to have your excess 401(K) Contribution...