Excess Contribution to 401K

No, you do not add up Box 1 of 1099R and Box 12 of W-2 to calculate excess contribution.

The limit on employee elective deferrals is $19,500 in 2021. Generally, you aggregate all elective deferrals you made to all plans in which you participate to determine if you have exceeded these limits (IRS). If you are unsure you can contact your plan administrator to verify if you are within the limits.

In addition, you can make contributions to traditional or Roth IRA:

• $6,000 ($7,000 if you're age 50 or older), or
• If less, your taxable compensation for the year

But your Roth IRA contribution may be limited based on your filing status and income. Please see 2021 - Amount of Roth IRA Contributions You Can Make for 2021 for details.

Please be aware a Roth conversion is not a contribution. It will not be entered in the contribution section. Please follow these steps to enter the conversion:

1. Click on "Search" on the top right and type “1099-R”
2. Click on “Jump to 1099-R”
3. Click "Continue" and enter the information from your 1099-R
4. Answer questions until you get to “Tell us if you moved the money through a rollover or conversion” and choose “I converted some or all of it to a Roth IRA”
5. On the "Your 1099-R Entries" screen click "continue"
6. Answer "yes" to "Any nondeductible Contributions to your IRA?" if you had any nondeductible contributions in prior years.
7. Answer the questions about the basis and value.