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My 401k plan says that I exceeded the IRS maximum in 2020;
My 401k plan says that I exceeded the IRS maximum in 2020; they sent me two checks that equal the overage (plus return earned on it I presume -- the second check). Is there a form where I report that … read more
Barbara
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401K question regarding corrective distributions. I am
I am self-employed and have one employee. Due to bad advice from former tax accountant, I contributed excessive contributions to 401K as for both employer and employee contributions. I asked Fidelity to return the excessive contributions to me before March 15th and my tax accountant thought they should not be taxable income; however, one person at Fidelity said they have to send me a 1099R form next year under Codes E (for employer) and P (for participant/employee) and that might indicate that the excessive contributions which they call "corrective distributions" could be taxable income. Does that make sense? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
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I have 2019 ROTH Contribution but I learned that I'm
I have 2019 ROTH Contribution but I learned that I'm eligible to contribute because my income is above the limit. Can I withdraw my contribution and leave the earning? By doing this, I will not be tax… read more
Rick
Rick
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I had 2 jobs in 2018 and over-contributed $10,000 to my 401K
I had 2 jobs in 2018 and over-contributed $10,000 to my 401K plan. I want to confirm that I need to withdraw this money and declare it as regular income. I am 57 years old and understand I will have t… read more
Lane
Lane
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Doctoral Degree
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For a portion of 2018 I had two incomes....one from previous
For a portion of 2018 I had two incomes....one from previous employer that was paying me as part of exit agreement. this was W-2's so no issues. My new job/employer, alss W-2. Issue is Box 12 on W-2 t… read more
Stephen G.
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Married filing jointly. AGI $170k. we have an extension for
Married filing jointly. AGI $170k. we have an extension for our 1040 My employer has a retirement plan. Wife is self employed with $6700 Net Profit on Schedule C Line 12 1) Can she contribute $6500 to… read more
emc011075
emc011075
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Roth IRA. I have a very specific question about excess
Roth IRA. I have a very specific question about excess contributions to a Roth IRA. I am a tax preparer. My client made a Roth IRA contribution for 2016 in April of 2017. It then turned out that his i… read more
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Lane
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Doctoral Degree
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If someone contributed to a ROTH IRA IN 2015 but was not
if someone contributed to a ROTH IRA IN 2015 but was not entitled to it as they filed MFS but did not withdraw the amount and the interest earned until 2017 how is this reported? They have to amend th… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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Is there a limit of 401K contribution per year for tax
Is there a limit of 401K contribution per year for tax payer? Can tax payer contribute more than 18000 through different employers?… read more
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Shan-Nel Simmons
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Master's Degree
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2016 retirement contributions Husband gross W-2 $190k,
2016 retirement contributions Husband gross W-2 $190k, covered by 403b Wife $10k net from schedule C; no W-2 What are our options for contributions? IRA SEP Can we choose Roth or not for each/either? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I have a specific question about my 401K overpayment in
Hello! My name is***** have a specific question about my 401K overpayment in 2016. Can you help me on this? … read more
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ABC Accounting Group
Bachelor's Degree
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A sole proprietor contributed excess SEP contribution on
A sole proprietor contributed excess SEP contribution on April 18, 2016 towards his 2015 contribution. He is amending the tax return to reflect the correct amount of SEP contribution. How does he with… read more
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I have asked a question yesterday and I have not got an
I have asked a question yesterday and I have not got an answer.A sole proprietor contributed to SEP in excess. He thought that he could have elective deferrals of 18000.00. Now he is told that he cann… read more
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I just learnt that 401K, deadline contribution is April 15th
I just learnt that for solo 401K, deadline for employer contribution is April 15th 2015. i am planning on maxing on the employer contributions of $35000. I am at 21K. IF I contribute the remainder of … read more
emc011075
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I have a small business LLC, S election and I have adopted a
I have a small business LLC, S election and I have adopted a solo 401K plan which has a profit sharing/Match options as well as a Roth component. what is the minimum compensation i need to pay myself … read more
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Lev
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I am self employed & contribute my max amount allowed to my
I am self employed & contribute my max amount allowed to my business individual 401K retirement plan. I pay my spouse a salary of 24,000 yr to work for me full time. My spouse would also like to contr… read more
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What is the most I can contribute to a 401K etc.. from ...
What is the most I can contribute to a 401K etc.. from an S-Corp. I also contribute to a 401K through another job.… read more
Christopher Phelps
Christopher Phelps
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i may have contributed too much to my 401k this year
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