topic You're welcome! in Retirement tax questions

Reporting a 401k over contribution in 2015 or 2016

DrForce — Wed, 05 Jun 2019 22:46:42 GMT

I over contributed to my 401k in 2015. When I did my taxes for 2015, I reported the over contribution on my 2015 return even though I did not have an official 1099-R at that point (early 2016).

Now that I am doing my taxes for 2016, I have received a form 1099-R from my brokerage for the over contribution amount for 2015. Turbotax is telling me I need to amend my 2015 return to account for the over contribution. Do I need to do this, or is the software just not recognizing the fact that I already accounted for this in the 2015 return? I did import my 2015 return before starting my 2016 return.

Thanks!

If you knew enough to report a "mock" 1099-R when filing...

ChristinaS — Wed, 05 Jun 2019 22:46:43 GMT

If you knew enough to report a "mock" 1099-R when filing your 2015 return, the 1099-R you now have only confirms what you already reported.

Does the 1099-R you now have match the input that you used when preparing your 2015 return?

You have nothing to amend if you already accounted for this excess contribution in 2015. The excess contribution would have flowed to line 7 of your 2015 1040.

Yes, the amounts on the "mock" and "official" 1099-R's ar...

DrForce — Wed, 05 Jun 2019 22:46:45 GMT

Yes, the amounts on the "mock" and "official" 1099-R's are the same. Thanks for your help.

You're welcome!

ChristinaS — Wed, 05 Jun 2019 22:46:46 GMT

You're welcome!