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Level 3
March 21, 2022
Solved

Where do you report the excess 401k that was withdrawn prior to the due date of the return?Report as other income on Sch1, line 8z or is report as wages on 1040, line 1?

  • March 21, 2022
  • 1 reply
  • 7 views
It should be taxable wages but I did not see where to enter it as wages.
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Best answer by dascpa

If you do not get a 1099-R in time create one and use Code 8.

1 reply

dascpa
dascpaAnswer
Level 11
March 21, 2022

If you do not get a 1099-R in time create one and use Code 8.

ToniMAuthor
Level 3
March 23, 2022

Thanks so very much. They said they were issuing the 1099-R next year with a P on it which will say that it is taxable in 2021. And also a 1099-R for the earnings which will be taxable in 2022.

I appreciate your help