Steps to Take to Remove an Excess Salary Deferral
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rbittle
Level 2

Steps to Take to Remove an Excess Salary Deferral

As a result of getting a new job, my wife put $447.58 over the allowed amount into her 401k.  The TurboTax instructions say:  "Report the excess deferral on your 2019 return in the Income section for Retirement Plans and Social Security whether or not you received a Form 1099-R before you file your return. Enter as much information as you can. Report the excess deferral amount in boxes 1 and 2a, and use code P in box 7. Indicate that this is a 2020 Form 1099-R."

 

I'm good with all that except the last statement.  How do I indicate, "that this is a 2020 Form 1099-R?"

4 Replies
AnnetteB6
Employee Tax Expert

Steps to Take to Remove an Excess Salary Deferral

As you continue through the follow-up questions after entering the information for the Form 1099-R, one of the questions will be what year is the Form 1099-R for -- 2019 or 2020.  There you can select the 2020 year.

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rbittle
Level 2

Steps to Take to Remove an Excess Salary Deferral

Thanks!  I thought that would be the case, but I didn't see that.  I'll run through the process again.

rbittle
Level 2

Steps to Take to Remove an Excess Salary Deferral

I went through the process again and TurboTax Deluxe 2019 never offered me the choice of making this a 2019 or 2020 1099-R.  I also looked in the "forms view" and saw no place to do it there either.  Am I missing something?

AnnetteB6
Employee Tax Expert

Steps to Take to Remove an Excess Salary Deferral

I ran through a test case using TurboTax Deluxe just to make sure the advice given earlier was valid.  I still saw the follow-up question asking whether the 1099-R was for 2019 or 2020.  

 

One thing to try would be to delete the 1099-R in question and re-enter it, going all the way through the follow-up questions.  If that still does not work, take a look at the following picture taken from 'forms mode'.  It shows where to find the check box to indicate a 2020 Form 1099-R.  Select the Form 1099-R on the left side and scroll to the section pictured below.

 

 

 

 

@rbittle

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