rfruth[at]gmail.com wrote:

- quote -

Keeee...rect!

ChEAr$,
Harlan Lunsford, EA n LA
Thu 10 Feb 2005

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David Woods, EA, ChFC, CLU wrote:
- quote -

Always possible, but since companies usually don't know
about any excess till end of year and they "cut" the check
next year, but report it on W2 previous year.

ChEAr$,
Harlan Lunsford, EA n LA
Thu 10 Feb 2005

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<rfruth[at]gmail.com> wrote:

- quote -

That's exactly what you need to do.

--
Phil Marti
Clarksburg, MD

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You are correct on the line 5 comment. I did receive the
return of contribution in March 2004. Sorry about that.

In looking at my 2004 W2, it appears to only include actual
wages earned in 2004, and not this return of contribution I
am referring to, for which I received the 1099-R.

I did some reading in the IRS Publication 525, and it
appears I should have included this amount as earnings on my
2003 1040 if I received the refund prior to 04/15/04. If I
did not include this amount in earnings on my 2003 return, I
am to prepare and file a 2003 1040X and report this amount
as wages. Does that sound right to you?

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"Harlan Lunsford" <hlunsford[at]bellsouth.net> wrote:
- quote -

Not necessarily. Quite possible a return of excess
contributions was reported on the 2003 return and also on a
2004 1099-R. In fact more likely than not.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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rfruth[at]gmail.com wrote:

- quote -

First of all, up on line five, you said "Mar-03". You
probably meant Mar-04, right?

Now, if you look at your 2004 W2 form, maybe you can
reconcile it with your 401k plan statement and therefore
determine that no deduction ; rather no subtraction, was
made for this non- contribution. therefore the 1099r is
just a formality and non taxable.

ChEAr$,
Harlan Lunsford, EA n LA
Mon 7 Feb 2005

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I received a 2004 1099-R from my employer a few days ago.
The 1099-R was issued for a return of 2003 contributions my
employer had to do to get it's 401k plan in compliance for
plan testing purposes. I received the check in early
Mar-03. When preparing my 2004 return in TurboTax, I
entered the information accordingly and the 1099-R has a
distribution code of P. When I print my return nothing
shows up as income on page 1 of my return? Shouldn't it
since I have never paid tax on that money? What is the
proper filing to account for this 2004 1099-R?

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