Question

Return of excess 401k contributions after deadline

Forum|Forum|7 years ago
June 6, 2019
1 reply
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Hello, thanks for the help.
My wife changed jobs and over-contributed to her 401k.
We discovered this long after it was possible to get the contribution returned by the deadline.
Turbotax flagged the issue during tax-time made some adjustment and I think it included the excess contribution as income, though I'm not certain.

Do I need to re-file and if so how? I looked it up and there was an answer for doing so before the deadline but couldn't find an answer for after the deadline.

Thanks!

TurboTax Self Employed Online

D

dmertz

Employee

You'll need to verify that the excess was included as income. You should see the excess on line 9 of the Wages, Salaries, & Tips Worksheet and included on line 7 of Form 1040 or 1040A. As far as I know, TurboTax does not do this automatically. If this excess was reported as income, nothing needs to be amended.

If the excess was not reported as income, you'll need to amend the tax return:

Go to Less Common Income -> Other income not already reported on a Form W-2 or Form 1099-R.
Answer Yes, you received other wages.
Skip forward to the Any Other Earned Income page and answer Yes.
On the next page, select Other.
Enter the amount of your wife's excess elective deferral (for 2016, total deferrals minus $18,000 or, if age 50 or over, minus $24,000)
The amount entered will be included on line 7 of Form 1040 or 1040A, calculated on the Wages, Salaries, & Tips Worksheet.

To amend:

https://ttlc.intuit.com/replies/3288565