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T
thomas-luong
January 23, 2025
Question

I made an excess contribution to my 401k and corrected it through employer by having a distribution that is stated in a 1099-R. Why does TT still see an overpayment?

  • January 23, 2025
  • 1 reply
  • 0 views
I included both the 1099-R for the 401k and the 1099-R for the distribution that puts me below the threshold.

    1 reply

    T
    ThomasM125
    January 23, 2025

    You need to have a code "8" in your Form 1099-R box 7 for the refund of your excess contributions. That way they will be applied to 2024 as opposed to 2023, which would happen if you had a code "P". 

     

     

     

     

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      T
      thomas-luongAuthor
      January 23, 2025

      Yes I have a code 8 indeed

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