tmike Posted March 20, 2008 Report Share 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 Link to comment Share on other sites More sharing options...
BulldogTom Posted March 20, 2008 Report Share Posted March 20, 2008 I think you just take it into income. There should be no penalty. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
tmike Posted March 20, 2008 Author Report Share Posted March 20, 2008 I think you just take it into income. There should be no penalty. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
tmike Posted March 20, 2008 Author Report Share 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 Link to comment Share on other sites More sharing options...
jainen Posted March 20, 2008 Report Share 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 Link to comment Share on other sites More sharing options...
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