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.
Have the excess distributed by 04/15/2020 or else there is a 50% penalty on Form 5329.
The excess is reported as taxable wages.
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.