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Author: AEP Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121144  
Subject: 401k Contributions beyond 2003 $12k level Date: 2/4/2004 12:19 PM
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Folks,

My employer allows contributions to its' Savings Plan in excess of the annual (before-tax) limit. The plan allows the employee to choose to continue Savings Plan deductions on an After-tax basis, or discontinued them for the remaining payperiods in that tax year.

In 2003, I made total contributions (payroll deductions) of almost $16,000 to the Savings Plan. The first $12k was Before-tax, and the remaining $4k was on After-tax basis. My W-2 for 2003 shows the $12k as 401k contributions. I was taxed on the contributions beyond the 2003 $12k limit during the remaining payperiods once I exceeded the $12k contributions level.

My Question: Is there any IRS reporting that I need to do concerning the After-tax (approx. $4k) contributions to the Savings Plan for my 2003 Income Tax filing?

The instructions for Form 8606 don't seem to apply to my situation. I didn't find any info about my issue - searching this boards messages.


Thanks in advance for your help.

Al P.



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