ramras_8
Level 2
‎03-12-2020
09:30 PM
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My client has two W-2s and both are showing the maximum limit of $19,000 contribution to 401K. How is the excess reported on the return and which form do you enter the excess.
3 Replies 3
dascpa
Level 7
‎03-13-2020
08:33 AM
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Have the excess distributed by 04/15/2020 or else there is a 50% penalty on Form 5329.
sjrcpa
Level 15
‎03-13-2020
09:01 AM
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The excess is reported as taxable wages.
ex-AllStar
Level 15
‎03-13-2020
09:44 AM
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Just got this W2 the other night, Ive got a email into their payroll department asking WTF?! Retirement box is not checked, Im hoping that the D should have been a DD.
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