I over-contributed about 3K to my 401K due to a job change.
I understand that the instructions are as follows:
1. Figure out which retirement account you want to remove the excess salary deferral from. You can use IRS Publication 560, Retirement Plans for Small Business, to help you decide.
2. Notify the plan administrator (the company or broker that handles your retirement account) that you have an excess salary deferral as soon as possible.
3. Withdraw the funds no later than April 15, 2019 to avoid paying additional taxes on the excess deferral.
4. Report the excess deferral on your 2018 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 2019 Form 1099-R.
5. In 2019, you will probably receive two Forms 1099-R. One reports the excess deferral amount. The other reports the earnings on the excess deferral. Enter both of these forms in your 2019 return, and we'll only add the earnings to your 2019 income.
Question:
1) Are we making up a 1099-R using this process even though I don't have one yet?
2) Which exact field lets you "Indicate that this is a 2019 Form 1099-R. "?
3) Does the "Jump to Excess Salary Deferrals" do the same thing as filling out this 1099-R? (because I followed the flow in "Jump to Excess Salary Deferrals" and my taxes due went up)
4) When I am trying to do a Federal Review, I can't get pass the error found saying: Forms W-2 & W-2G Summary: Elective deferrals - TP $22432 is more than the allowed $18500 for a 401k plan. Please check your entries on your W2 for 401k plans. How do I get around this....just change the number to 18500?
