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N
nnnjjjddd
March 16, 2020
Question

Have I over-contributed to 401k? I had two W2s (and employers) in 2019; when I add amounts in box 12a (code AA and D) of the two W2s, the sum is 22k.

  • March 16, 2020
  • 1 reply
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1 reply

M
mglauner
March 16, 2020

Yes, the 401K Contribution Limit for 2019 is $19,000 (plus $6,000 catch-up contribution if over 50).

 

Click this link for info on 401K Contributions. 

 

You can withdraw the excess Roth 401K Contribution (since it not a tax break for you).

 

If the excess is returned to you prior to tax filing date, you can enter a 1099-R in your 2019 return (that you would not receive until 2020), to avoid Amending your 2019 return later and avoid the Penalty for Excess Contribution. 

 

Click this link with instructions on how to enter a 1099-R for Return of Excess Contribution.

 

 

 

 

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