Excess 401k contribution for 2019

Technical topics regarding tax preparation.
#1
philly  
Posts:
1722
Joined:
14-Sep-2014 4:48am
Location:
New York
Taxpayer ( under 50) has 2 jobs for 2019. The one W-2 has $19,000 in 401k contribution and the 2nd W-2 has $12,000 in 401k contribution. Do I pick up the $12,000 as additional income for 2019 ?
 

#2
Doug M  
Posts:
3558
Joined:
22-Apr-2014 1:09pm
Location:
Oregon
Excess contributions need to be returned to the taxpayer. Received back before 4-15 is taxed in 2019. Any excess received post 4-15 is taxed in 2020. Earnings also need to be returned.
 


Return to Taxation



Who is online

Users browsing this forum: EstatesAndMore, Google [Bot], HowardS, JoJoCPA, UnlicensedTaxPro and 119 guests