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Q. 401k excess

지역California 아이디d**yelee0**** 공감0

조회2,559 작성일4/2/2015 12:13:16 PM

I double checked with my employer, and it will be 1099R. Are there tax implications for filing this in 2015 along with W2? Such as early withdrawl penalty although I didn't take money out myself?

Below is my previous question for reference:

I participated in 401k and reached the max $17500 last year, but my employer returned about $10000 as an excess last week (end of March). Because I have already filed my tax this year, I inquired both my employer and IRS what I should do with the returned contribution. My employer told me that I should add it to my income in 2015 as they'll be sending 1090G by Jan. next year without changing my 2014 tax. However, IRS helpline rep told me the employer should be sending me a revised W2 and I should be amending my 2014 tax using 1040X form.

My employer quoted internal revenue code 4979(f)(2), and the IRS rep quoted the IRS rule book page 10.

Please advise which one is correct so that I can take measures accordingly.

* 등록된 총 답변수 1개입니다.

전문가 답변글

사무엘 이 님 답변 답변일 4/5/2015 9:40:35 AM

You are allowed to contribute to your 401K up to maximum of your payroll
(Legal maximum contribution payroll per person is #$17,500). I do not understand why your employer returned $10,000.

I will be able to answer to your question once I have all evidence such as copy of W2 plus if you contributed to IRA, too.

Samuel Lee