Question

Received 1099R this yr for last yr's 401K excess contribution that we took out before 4/15 and reported on last year return. Do we need to enter it in TurboTax this year?

Forum|Forum|7 years ago
June 5, 2019
1 reply
0 views

The 1099R has code P (excess contributions plus earnings/excess deferrals (and/or earnings) taxable last year.

TurboTax Premier Online

If you reported the excess contribution on last year's tax return, you can ignore Form 1099-R with a code "P" in box 7.

Any earnings (if any) will be reported on a separate Form 1099-R with a Code "8" in Box 7 that should be reported on your 2018 tax return.

If there was a loss on the distribution of your excess contribution, you can Include the loss as a negative amount on Schedule 1, line 21 (Other Income) and designate it “Loss on Excess Deferral Distribution” .

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Received 1099R this yr for last yr's 401K excess contribution that we took out before 4/15 and reported on last year return. Do we need to enter it in TurboTax this year?

1 reply

Unlock tailored help options in your account

Get answers to all your tax questions

Vos impôts avec un expert

Faites vos impôts vous-même

Situations fiscales

Ressources

Experts at your fingertips

Do it yourself

Business taxes

Tax situations

Resources

Unlock tailored help options in your account

Get answers to all your tax questions

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded