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June 5, 2019
Question

Where do I enter overpaid 401K disbursement check Info with taxes taken on TurboTax Premier 2018?

  • June 5, 2019
  • 1 reply
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I received a disbursement check for overpaid 401K contribution with Federal and State Income Taxes taken. Where do I enter info about this disbursement check?

1 reply

June 5, 2019
Did you receive any kind of a tax document along with the refund check?   If your 401K contribution was overpaid, make sure that your W-2 is correct.   Assuming it is (and that you've picked up the correct income amounts - noting that Box 12a shows the correct amount of your contribution under Code D) and assuming that you did not receive any documentation other than the check (e.g., Form 1099-R, 1099, etc)  you need not pick up the disbursement check for the overpayment amount - as this is not additional income for you if it's already reflected in the W-2.   However, if additional withholding taxes were taken, you'll want to pick up these amounts that sound like they are in excess of the wh amounts reported on your W-2, so that you get credit for them.   I would pick them up by overriding the amounts shown on the W-2 for federal/state withholdings.   You may end up getting a tax notice, but this should be easily explained, along with inclusion of the proper documentation.  Sorry, I couldn't find any other likely spot to report the excess withholding taxes taken!   If you did receive a tax document along with the disbursement check (unlikely!) that might change the way you report it.
leo140Author
June 5, 2019
My W2 form does not reflect 401K distribution check. I wouldn't want to just modify numbers on my current W2 and then give some explanations to IRS why I had to do it. I hope there is a place in  TurboTax where I can enter just disburse amount and Federal and State taxes taken.