1. I made ($3250.00) excess 401K contribution for 2017 to my fidelity account through employer
2. I requested my employer 401k group manager make a request to withdraw excess contribution from my 401K account
3. Fidelity sent me the check 3250 in Jan 2018
1. Employer issued W2, that has the amount inlcuding excess contribution
2. Employer needs to amend my W2 ?, to show the correct amount of 401K contribution minus excess contribution withdrawal ?
3. I haven't received the 1099R from Fidelity, for excess contribution withdrawal
Please give me the instructions, how to include it in the tax returns.
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No, your Employer does not need to amend your W2, you should input it into TurboTax exactly how it appears, with the excess deferral to your 401(k).
You can report the refund of the excess contributions to your 401K on Line 7 of your 2017 Tax Return without a Form 1099-R by following these steps:
You will receive a 2018 Form 1099-R in 2019 with a code P in box 7 which you can ignore if the excess deferral is reported as suggested above. However, the earnings (if any) will be reported on a separate 2018 Form 1099-R with a Code "8" in Box 7 that should be reported on your 2018 tax return.
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