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excess 401k contributions

ramras_8
Level 3

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. 

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3 Comments 3
dascpa
Level 11

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

sjrcpa
Level 15

The excess is reported as taxable wages.


Ex-AllStar
Just-Lisa-Now-
Level 15
Level 15

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.

w2allwrong.jpg


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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