topic Re: Excess 401k contribution. in Retirement tax questions

Excess 401k contribution.

rlseba — Wed, 05 Jun 2019 02:10:34 GMT

I changed jobs in 2018 and over paid 401k by $4500. I contacted my plan admin and withdrew the funds and received 1099R. I entered the 1099R with Code P (kind of confusing because if refers to 2017). It appears to have updated my 2018 taxable income; however, turbo tax shows that i have an error with the excess contribution and will not let me file.

You have taken the right steps to have the excess distrib...

Rachel_W — Wed, 05 Jun 2019 02:10:36 GMT

You have taken the right steps to have the excess distributed and included the amount of the excess deferral on your 2018 Tax Return.

There is currently an e-filing issue within TurboTax related to excess contributions so you will need to mail in your return. You can check out this TurboTax FAQ for more information: Excess 401(k) Contribution Preventing E-filing.

Re: You have taken the right steps to have the excess distrib...

TTUserfromCA — Mon, 17 Feb 2020 02:13:14 GMT

So... now it is 2020 and I received the 1099-R related to the excess 401(k) I contributed last year that I have also filed as Miscellaneous Income last year. Do I still need to report the 1099-R that came this year or do I just hang on to it?

Re: Excess 401k contribution.

DianeC958 — Mon, 17 Feb 2020 18:44:53 GMT

If you added the income to your 2018 tax return you do not need to report the 1099-R you received for the distribution.

@TTUserfromCA