I took a loan of 50k from my 401k for the purchase of my home, I repayed it in 6 months. Turbo tax says I overpayed my retirement contributions. How do i document this?

Forum|Forum|1 year ago
March 25, 2025
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TurboTax Deluxe Online

MindyB

It sounds like you are reporting the repayment of your loan as a contribution. There is nothing to report on your tax return for a 401(k) loan. You can delete what you entered related to this.

felicity-mcclureAuthor

Ok, so on my W2, box 12AA, Roth contributions, I would just leave the number exactly as it was on my w2 (66k) ? Even though it will look like I over contributed (as 50k was the loan). Or go ahead and do the math, put 16k down as that was the actual contribution minus the loan?

JamesG1

Do you believe that box 12 of the W-2 is incorrect? If so, contact your employer for a corrected W-2.

IRS General Instructions for Form W-2, page 21, states:

Code AA

Designated Roth contributions under a section 401(k) plan. Use this code to report designated Roth contributions under a section 401(k) plan. Do not use this code to report elective deferrals under code D. S

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