08-15-2005, 01:29 PM
| |||
| |||
 Re: over-withdrawing 401-k excess refund "Navin" <navin.kumar[at]gmail.com> wrote: - quote - > I changed jobs mid-year in 2004, and early in 2005 I noticed I had
You'll get a 2005 1099, but the income goes on your 2004 return.> exceeded the $13,000 limit for 2004 by $1,500. I contacted my former > employer and told them the situation, but I think something went awry > in the communication and they requested to my former 401k provider that > all my contributions ($6,500) for 2004 be marked as excess when they > should've just asked the provider to mark $1,500 as excess. on April > 14th, I received a $6,500 plus $300 (earnings on the $6,500) check from > my 401k provider and they're going to send me a 1099-R in January 2006, See IRS Publication 525. - quote - > so now I have effectively only contributed $8,000 ($13000+$1500-$6500)
You contributed only $8,000 to your 401(k) for 2004. You might> to my 401k for 2004 ... what will happen since only $1,500 is actually > excess even though my former provider processed $6500 as being excess? have been able to correct this when you got the check, but I don't see anything you can do now. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
|
#-1
08-15-2005, 09:03 AM
| |||
| |||
| over-withdrawing 401-k excess refund I changed jobs mid-year in 2004, and early in 2005 I noticed I had exceeded the $13,000 limit for 2004 by $1,500. I contacted my former employer and told them the situation, but I think something went awry in the communication and they requested to my former 401k provider that all my contributions ($6,500) for 2004 be marked as excess when they should've just asked the provider to mark $1,500 as excess. on April 14th, I received a $6,500 plus $300 (earnings on the $6,500) check from my 401k provider and they're going to send me a 1099-R in January 2006, so now I have effectively only contributed $8,000 ($13000+$1500-$6500) to my 401k for 2004 ... what will happen since only $1,500 is actually excess even though my former provider processed $6500 as being excess? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| 401k, excess, overwithdrawing, refund |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| IRS Confiscated My Tax Refund Saying Return Date Was After Refund User: The IRS had requested an older tax return, saying they had not received it (year 2000), though I had sent it in on time. (I had overpaid 2000 by... | Taxes | 3 | 07-28-2005 12:41 PM | |
| IRS Took Older Tax Refund - Said Refund Period Expired - Any Recourse? User: Help! The IRS had requested a couple of older tax returns, saying they had not received them (years 2000 and 2001). I had overpaid 2000 by... | Taxes | 3 | 07-01-2005 04:06 PM | |
| Withdrawing contributions from Roth IRA Lori: I've read in several sources that *contributions* to a Roth IRA can be withdrawn tax free at any time, and this type of withdrawal is not subject... | Taxes | 6 | 07-09-2004 05:39 PM | |
| IRA Excess contribution Allan: I have just recently discovered (on my own) that in 1999, I made an excess contribution to my IRA. The excess amount is only by $500, but from... | Taxes | 2 | 04-26-2004 02:49 AM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
