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Subject Author Date
excess 401(k) contribution & W-2 Paul 04-16-2007
Posted by Paul on April 16, 2007, 12:09 am
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 In order to electronically file both my MA state and federal
2006 tax returns with TaxAct, I had to add my refund of
excess 2006 401(k) contribution (from failed ADP test) to
box 1 and box 16 of my electronic W-2 in TaxAct. This was
necessary to report the excess as wages without over riding
fields that would prevent electronic filing. When the IRS
receives my 2007 1099-R with code P (indicating taxable in
2006), I expect they may check my 2006 tax return to see if
I paid tax on the excess contribution in 2006. How will they
be able to tell? Will they have a copy of my W-2 from my
employer (or from the SSA) to compare to the electronic W-2
that was sent with my 2006 tax return?

<< ======================================================= >>
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<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
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Posted by Phil Marti on April 16, 2007, 4:44 pm
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> When the IRS
> receives my 2007 1099-R with code P (indicating taxable in
> 2006), I expect they may check my 2006 tax return to see if
> I paid tax on the excess contribution in 2006. How will they
> be able to tell? Will they have a copy of my W-2 from my
> employer (or from the SSA) to compare to the electronic W-2
> that was sent with my 2006 tax return?

Yes they will, and that's how they can tell.

--
Phil Marti
Clarksburg, MD

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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