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How to fill the 1099R fom if I overcontributed to 401k in 2018, and I'm going to get the excess payment paid back to me before April 15, but no 1099R before that?

Forum|Forum|7 years ago
June 1, 2019
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According to TT help you "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."

Q - where do i put all this details - 1099R, substitute 1099R or both?
Q - in the 1099R, box 7, when I set code P - it shows "return of contribution taxable in 2017" doesnt seem applicable?
Q - where do I indicate that this is from 2019 1099R?

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Best answer by mglauner

Type '1099r' in the Search window, then 'Jump to 1099r'.

Choose 'Add a 1099-R' and then indicate on the next screen, 'I need to prepare a substitute 1099-R' (screenshot).

The Code P in Box 7 will refer to 'return of contribution taxable in xxxx' (year before), so don't worry about the 2017.

The follow-up questions will ask if you are entering a 2018 or 2019 1099-R (screenshot).

Don't forget that when you receive the actual 2019 1099-R, with a code P in box 7 you can ignore it if the excess deferral is reported as suggested above.

M

mglaunerAnswer

Type '1099r' in the Search window, then 'Jump to 1099r'.

Choose 'Add a 1099-R' and then indicate on the next screen, 'I need to prepare a substitute 1099-R' (screenshot).

The Code P in Box 7 will refer to 'return of contribution taxable in xxxx' (year before), so don't worry about the 2017.

The follow-up questions will ask if you are entering a 2018 or 2019 1099-R (screenshot).

Don't forget that when you receive the actual 2019 1099-R, with a code P in box 7 you can ignore it if the excess deferral is reported as suggested above.

S

subhadip9999Author

I need some more help on this.
All contributions from my W-2s $18,830
All Roth contributions from my W-2s $5,165
Total Contributions $23,995
Maximum Allowed - $18,500
Overpayment $5,495

Now even though I have set up the 1099R with 5495 I am getting the warning about 18830 in the 401k in the final revie. What to do?