SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Colin Cody who wrote (1950)3/10/1999 2:30:00 AM
From: jtsaratoga  Read Replies (2) of 5810
 
Dear Colin,

I changed jobs last year. My 2nd employer withheld $1k more to my 401K than I told them to. Consequently, I contributed $11k to my 401K last year. My two W-2's reflect this over-contribution.

My company backed out the $1k this year (1999) as excess deferral and indicated that it'll send me a 1099-R for this amount.

Do I report for 1998 taxes with the over-contribution, thus lessening my gross income? If so, when I do my income taxes for 1999, do I need to amend my 1998 income tax to reflect this?

Or do I have my company issue me an amended W-2 showing the refunded excess deferral? Is this possible even when the refund occurred in 1999?

I am really confused. My company's HR is clueless as well.

Thanks for your help,
JT
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News