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My husband changed jobs in October, 2011. Due to that and an unresponsive 401K system (have to put in requests for changes about 3 week in advance and I miscalculated), we had excess contributions to an HSA ($127.50) and a 401K ($567.32) for 2011.

I started really early on taxes because we are filing financial aid forms for college, so I confirmed these in mid-January and filed the appropriate paperwork with the HSA and 401K entities. However, I have received nothing yet, and probably won't until the last possible moment. In the mean time, several schools want our 2011 tax returns, preferrably by March 1.

Should I go ahead and file what we have and then file an amended return once we get the excess contributions? Won't that raise a red flag with the IRS since the W-2's clearly show that there were excess contributions? Is there something else I'm missing?

Thanks for the help.

Kathleen
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My husband changed jobs in October, 2011. Due to that and an unresponsive 401K system (have to put in requests for changes about 3 week in advance and I miscalculated), we had excess contributions to an HSA ($127.50) and a 401K ($567.32) for 2011.

I started really early on taxes because we are filing financial aid forms for college, so I confirmed these in mid-January and filed the appropriate paperwork with the HSA and 401K entities. However, I have received nothing yet, and probably won't until the last possible moment. In the mean time, several schools want our 2011 tax returns, preferrably by March 1.

Should I go ahead and file what we have and then file an amended return once we get the excess contributions? Won't that raise a red flag with the IRS since the W-2's clearly show that there were excess contributions? Is there something else I'm missing?


401(k): You have everything you need right now to file a final return. All you do is add the excess deferral to your line 7 wages. It matters not whether the plan returns it or not as far as your 2011 return is concerned. See Pub 525. (Make sure you look at the part about excess deferrals, not excess contributions.

HSA: Unless I'm missing something you can correct the excess contribution on your own. See Pub 969.

Phil
Rule Your Retirement Home Fool
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I agree with Phil - you could go ahead now and file if you so choose.

However, if you want to wait for some confirming paperwork from the plans, there's no reason you have to actually FILE the returns before you give a copy to the schools. Print off what you have now (properly adding the excess 401k contributions) and give those to the schools.

Then when you get the corrections from the plans, you could file with the IRS.

--Peter
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Much thanks, Pete and Phil. Found the relevant portions in the instructions, made the adjustments, everything fixed.

Kathleen
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