Do I have to remove the excess 401k contribution from my w2 (income section) after having report them as misc. income in TT to efile? TT will not let me efile otherwise.

[ammpet]

even if i do paper file, the generate paper work does not include the excessive contribution amount I entered, what the [profanity].

[pimathur]

@ammpet - interesting observation. I just snail mailed mine this morning and I wasn't able to identify the 'excess contribution' that I had entered in the 'miscellaneous' income that I had entered based on the recommendation. I just assumed it was included in one of the sections somewhere else because of which I couldn't see the exact amount. Looks like I ended up doing a wrong filing too.

[ammpet]

@pimathur  but if you check the refund status, adding/without adding them in turbotax actually have an effect in the refund amount, so not sure why it is not included in the tax forms, this is super anoying and confusing

[Jay5]

The excess contribution is already included on form 1040 line-1. We need to attach a copy of 1099-R showing excess contribution along with W2 which should add up to that amount. I believe, no additional form is needed for filing.

[ammpet]

@Jay  I think you are right, but in 1099-R, box 7, should we put code 8 or code P?

[tsoli1]

I have the same issue and its baffling that TurboTax cannot fix this issue. This is one of the common use case, and should have been fixed from day 1. I just filed with H&R Block and they handled the excess contribution (adding the excess amount as income) without me having do to anything.

This is disappointing on TurboTax part.

[Jay5]

@ammpet I think, it's P if excess contributions are taxable in 2018. Below definition of the two codes from 1099-R instructions.

8—Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2019.
P—Excess contributions plus earnings/excess deferrals taxable in 2018.

[edieboo]

I agree with the others -- the excess 401k deferral issue should be fixed NOW so that we can file electronically as we have already paid for it.  Can we at least get a definite answer as to whether a fix is still in progress?

[khans6uf]

@ammpet @Jay @pimathur hey guys, i also don't see the additional paperwork for the excess amount that I did in TT but I also don't see my total 401k contribution anywhere on the 1040 so I am a little ocnfused as to how the IRS would know how much 401k i contributed. I guess from the copies of the W2 that we attach? Also, I was told that if I follow the procedure to report my excess 401k, i don't need to attach a 1099 R (which typically would ocme in 2020). Is that not accurate? Do I need to generate a manual 1099R now that this bug has occured in turbo tax. @TurboTaxRachelW  

[khans6uf]

@Jay Jay, what if you didn't get a 1099R? Do you have to manually generate it

[ammpet]

@khans6uf  I think we need to manually fill in the 1099r and file it

[ammpet]

@Jay  the generated paper files explicitly states that I cannot paper file the state income return, but turbotax does not allow efile, how do you guys file the state income return

[Jay5]

Turbotax desktop version generates a 1099-R based on the information given during tax preparation. You can print it by navigating in the software as shown below. You can save/print and attach this with the return.

File > Print and Save Your Tax Return > Save a PDF > Form Selection Pop-up > Select Specific Forms > Select Form Only > Scroll down in the window on the right to select the 1099-R

[ammpet]

anyone know if i should check the `CORRECTED` checkbox in 1099R forms?

[markib85]

I am filing out a 1099-R as we speak, which do i pick? Why are different users seeing different 1099-R form information???

8-Return of contribution taxable in 2018
P-Return of contribution taxable in 2017

To make matters worse TT instructions pop states fill boxes 1, 2a and (Indicate that this is a 2019 Form 1099-R)

UPDATE:
-If you keeping going it will ask what year this is for 2018 or 2019.
-Still confused about code 8 or P. IRS website says that P is 2018 and 8 is 2019.