tmike Posted March 20, 2008 Report Posted March 20, 2008 I have a client that received a 1099R showing excess contributions to a 401K. Code P. I had one of these many years ago but can't remember what to do with it. Any help would be appreciated. -Mike- Quote
BulldogTom Posted March 20, 2008 Report Posted March 20, 2008 I think you just take it into income. There should be no penalty. Tom Lodi, CA Quote
tmike Posted March 20, 2008 Author Report Posted March 20, 2008 I think you just take it into income. There should be no penalty. Tom Lodi, CA Quote
tmike Posted March 20, 2008 Author Report Posted March 20, 2008 I entered on 1099R and got no flow to 1040. I seem to recall having to amend a previous year as opposed mto including it in current income. Or can it just be added on line 21 as other income? Quote
jainen Posted March 20, 2008 Report Posted March 20, 2008 >>I entered on 1099R and got no flow to 1040<< Code P means it's taxable in the previous year, requiring an amended return. I had one yesterday that was a small amount, so I left the code blank and my software happily included it in this year's income. I think it's more likely than not that the IRS won't get too upset. Quote
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