starrynight8
Apr 14 2009, 11:32 PM
Hello! Please help. Would I need to report an overpayment of less than $500 into my 401K (2008), and if yes, which form should I use? I plan to e-file in a few hours... Please help!!
Jim Chad
Apr 15 2009, 06:45 AM
If it is an employee deferral of $500 in excess of the $15,500 limit, you should try to get it out TODAY.
If it is in excess of the deductible limit, don't report it on your tax return...just don't deduct it. I believe you will have a 6% penalty tax due by July 31, 5009 on form 5330.
You are short of time so if you want to call me
Jim Chad 616-284-5285