Visitor II

401K Over Contribution

My previous company over contribute to my 401K in 2016 by amount X and by the time I realized it was past 04/15/2017 which according to my plan administrator is the deadline to fix the distribution. Basically, the plan administrator is not able to re-distribute and provide refund and 1099-R. Now I'm filing my taxes for 2017 and I am not sure whether I need to show X as income in this year (2017) returns or amend 2016 return?

3 Comments
Visitor II

401K Over Contribution

Anyone has any thoughts? Should I go ahead and pay taxes on excess amount in 2017 returns?

Visitor II

401K Over Contribution


@prateek wrote:

My previous company over contribute to my 401K in 2016 by amount X and by the time I realized it was past 04/15/2017 which according to my plan administrator is the deadline to fix the distribution. Basically, the plan administrator is not able to re-distribute and provide refund and 1099-R. Now I'm filing my taxes for 2017 and I am not sure whether I need to show X as income in this year (2017) returns or amend 2016 return?



Anyone has any thoughts? Should I go ahead and pay taxes on excess amount in 2017 returns?

TurboTax Specialist

401K Over Contribution

It is probably too late at this point to address the excess contribution for 2017. Contact your plan administrator to withdraw the excess funds and earnings.