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ramras_8
Level 3
March 13, 2020
Question

excess 401k contributions

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. 

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3 replies

dascpa
dascpa
Level 11
March 13, 2020

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

    sjrcpa
    sjrcpa
    Level 15
    March 13, 2020

    The excess is reported as taxable wages.

    The more I know the more I don’t know.
      Just-Lisa-Now-
      Just-Lisa-Now-Intuit Community Champion
      Intuit Community Champion
      March 13, 2020

      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.

      ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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