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 ?
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.