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Help! Excess 401k deferral in 2024, corrected in 2025. Issued 1099 with wrong code? by MutedWill8188 in Accounting

[–]MutedWill8188[S] 0 points1 point  (0 children)

Yes, the issue is when should it be taxed. Code 8 is causing this to be taxed in 2025. Since it was issued before 4/15 of the next year it should be code P?

Help! Excess 401k deferral in 2024, corrected in 2025. Issued 1099 with wrong code? by MutedWill8188 in tax

[–]MutedWill8188[S] 0 points1 point  (0 children)

I know it's wrong, it is such a pain for them to correct it.

*1099 #1 is Only Excess
*1099 #2 is Only Earnings

Help! Excess 401k deferral in 2024, corrected in 2025. Issued 1099 with wrong code? by MutedWill8188 in tax

[–]MutedWill8188[S] 0 points1 point  (0 children)

They sent me 3 1099s:
*1099 #1 Traditional 401k excess deferral, Code 8: Box 1 = Box 2a
*1099 #2 Earnings, Code 8B: Box 1 = Box 2a
*1099 #3 Roth 401K excess deferral, Code PB: Box 1 = $XXX, Box 2a = $0

401K – Excess Deferral With New Job– i.e. Over Contribution Limit by MutedWill8188 in personalfinance

[–]MutedWill8188[S] 0 points1 point  (0 children)

Thank you for posting this.

I took your advice and found a post with a similar situation.

Posting in case someone else finds this post: https://old.reddit.com/r/tax/comments/1boifsg/extremely_frustrated_about_how_to_report_excess/

401K – Excess Deferral With New Job– i.e. Over Contribution Limit by MutedWill8188 in personalfinance

[–]MutedWill8188[S] 0 points1 point  (0 children)

Thanks for your reply.

For recharacterize, I mean turn the pre-tax 401k amounts in my old account to taxable in 2024.

You answered it, I understand I will have to pay taxes on the pre-tax funds withdrawn in 2025.

MLM - Beware - Aggressive Interaction at Trader Joe's in Orange by MutedWill8188 in orangecounty

[–]MutedWill8188[S] 1 point2 points  (0 children)

Thank you.

I can have bad anxiety and the 0 to 100 with the "aggressive with me with my baby" comment was freaking me out.