kobe22
Level 4
yesterday
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Is there a form or worksheet where to enter excess contribution to 401K? My client has two jobs and contributed more than $23,500 (TP is under 50 years) between both his 401ks. I can't seem to find the exact line where to enter the info.
Labels
dascpa
Level 12
yesterday
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
They need to have the excess return BY 04/15/26. then there are two associated items. First I create a 1099-R from the 2nd employer and put in Code 8. This will transfer the amount to Wages worksheet and add it back to the wage line on the 1040. Second, next year the investment house will send a 1099-R for the return of the earnings on the excess. This would be a 2026 transaction.
kobe22
Level 4
yesterday
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Got it, thank you.
