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Can't find the return of excess contribution I entered on my tax form

I accidentally contributed too much money into my 403b account for 2019. I fixed it by entering the difference under other - misc. income. However, when I downloaded a copy of my tax return after I electronically filed it, I couldn't find that amount on my tax form. Am I just looking in the wrong place? I really don't want to pay tax on this again next year when I get my 1099 since I already paid for it this year.

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3 Replies
DianeC958
Expert Alumni

Can't find the return of excess contribution I entered on my tax form

If you reported this as Other Income that information is on Schedule 1 line 8.  The information then flows from this schedule to the form 1040 line on line 7a.

 

You will receive a 1099-R for this distribution to report on your 2020 tax return.  There will be tax due on any earnings the excess amount generated and also a 10% penalty on the earnings generated by the excess contribution.

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Can't find the return of excess contribution I entered on my tax form


@xiaolwu wrote:

I accidentally contributed too much money into my 403b account for 2019. I fixed it by entering the difference under other - misc. income. However, when I downloaded a copy of my tax return after I electronically filed it, I couldn't find that amount on my tax form. Am I just looking in the wrong place? I really don't want to pay tax on this again next year when I get my 1099 since I already paid for it this year.


Did you enter it this way?

 

Miscellionious Income ->
Other Income not reported on a W-2 ->
Other wages (yes) ->
House Hold employee (Continue) ->
Sick Pay (Continue) ->
Other earned income (yes) (Includes excess salary deferrals)->
Source of income (other) ->
Any other income - enter the amount of the excess deferral and an explanation.

 

This will add the returned excess to your 2019 1040  line 1 as wages because it was deducted from you wages on the W-2 so must be returned by adding it to your wages.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Can't find the return of excess contribution I entered on my tax form

Yes, I did enter it the way as you described. I actually saw your post regarding excess contribution on another post, which is why I entered it the way I did. I was just a little confused because I didn't see the reason I listed on the actual tax return. I just want to make sure the IRS knows I'm paying tax on this and not try to charge me again next year when I get my 1099.

 

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