I over-contributed to my 401k in 2018. by $2852 and Fidelity got my excess contribution back, but only for $2,644.
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You need to include the over-contribution to your 401(k) as wages on your 2018 Tax Return. (See instructions below)
Next year, you can include the $208 loss as a negative amount on Schedule 1, line 21 of your 2019 Form 1040. You can identify the loss as “Loss on Excess Deferral Distribution.”
To add your $2,852 401(K) overcontribution to your 2018 Wages, please follow these steps:
When I enter negative amount as described above, Turbotax is not allowing me to eFile my Federal tax returns. It says I need to fix the return and 'Wages, Salaries & Tips worksheet: TP other earned inc shouldn't be less than zero." Please help!!
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