I contributed more to my Keogh profit-sharing plan in 2017 than I should have. Can I apply the excess to 2018? What form do I use (and is it available in Turbotax)?

[Andy19008]

I contributed about $900 excess during 2017.  I prefer to just apply it to 2018, but if I need to refund it (to myself..I am self-employed) I will.  I'm not sure what form to fill out (if any), or how else to handle it.  Can this be done within Turbotax?

[dmertz · Accepted solution]

If you contributed more for 2017 than is permitted to be deducted and you do not obtain a return of contribution (not a regular distribution) by the due date of your tax return to correct the excess, you must file Form 5330 and pay a 10% penalty (section 4972 excise tax) on the excess.  You can then treat the excess as part of your contribution for 2018.  TurboTax does not support Form 5330.

Form 5330:  https://www.irs.gov/pub/irs-pdf/f5330.pdf

Instructions for Form 5330:  https://www.irs.gov/pub/irs-pdf/i5330.pdf

[Andy19008]

Do I ask the account holder to "return the contribution "? It's a brokerage account.  Will they need to code it a certain way?

[dmertz]

Yes, you'll need to ask them to make a return of excess contribution and they will need to code it as such on the Form 1099-R.