excess 401(k) contribution & W-2

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Subject Author Date excess 401(k) contribution & W-2 Paul 04-16-2007  Re: excess 401(k) contribution & W-2 Phil Marti 04-16-2007
Posted by Paul on April 16, 2007, 12:09 am Please log in for more thread options 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? << ======================================================= >> << 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. >> << ======================================================= >> Posted by Phil Marti on April 16, 2007, 4:44 pm Please log in for more thread options > 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. >> << ======================================================= >> Similar Threads Posted 401(K) Excess Contribution January 26, 2007, 11:52 pm excess 401(k) contribution April 3, 2007, 6:46 pm Excess IRA contribution January 28, 2008, 8:55 pm excess contribution to 457 February 1, 2008, 11:25 am Refund of "excess" 401(k) contribution due to HCE tag January 25, 2007, 2:43 am SIMPLE IRA - Possible excess contribution? February 2, 2007, 2:10 am excess 401k contribution June 21, 2009, 4:18 pm Best Method for Return of Simple IRA Excess Contribution February 27, 2008, 4:59 pm Paying Penalty for Excess Roth IRA Contribution April 12, 2006, 11:09 pm Question regarding penalty associated with excess Roth IRA contribution April 14, 2006, 3:45 am