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Author: Walk3r One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76238  
Subject: excess 401k contribution Date: 3/5/2004 4:09 PM
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Having switched employers in June and still wishing to max my 2003 contributions, I went a little overboard. By $80.

My HR knows to file 402(g) excess with our 401k provider. I hear they will issue me a check for that amount and I'll get a 1099R next February 2005.

They tell me to ignore that 1099R (since it will apply to 2003 earnings not 2004).

Then they say 'your tax advisor will know what to do with that $80 for your 2003 return'. Well, I am using TurboTax and haven't gotten to anything about that yet.

And, of course, it's Foolish to know every detail about filing correctly. Where will this excess contribution returned to me be entered into my 2003 1040 ?
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Author: Watty56 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 39706 of 76238
Subject: Re: excess 401k contribution Date: 3/5/2004 5:20 PM
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I am in a similar situation. The 1099 will be for 2004 so you don't need to worry about that until this time next year. I haven't done my taxes yet but I seem to recall a line or form for 'other income' that you will report this on.

Greg


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