ramras_8
Level 3
‎03-12-2020 09:30 PM

My client has two W-2s and both are showing the maximum limit of $19,000 contribution to 401K. How is the excess reported on the return and which form do you enter the excess. 

0 Cheers
dascpa
Level 11
‎03-13-2020 08:33 AM

Have the excess distributed by 04/15/2020 or else there is a 50% penalty on Form 5329.

sjrcpa
Level 15
‎03-13-2020 09:01 AM

The excess is reported as taxable wages.


The more I know the more I don’t know.
Just-Lisa-Now-
Level 15
Level 15
‎03-13-2020 09:44 AM

Just got this W2 the other night, Ive got a email into their payroll department asking WTF?!   Retirement box is not checked, Im hoping that the D should have been a DD.

w2allwrong.jpg


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers