Discussion:Excess 401k Contribution & Social Security tax

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Forum Index --> Tax Questions --> Excess 401k Contribution & Social Security tax

Tom04 (talk|edits) said:

27 February 2006
If an employee makes an excess contribution to a 401K is this excess contribution besides being taxable also subject to social security taxes.Since this exess is to be included on line 7 form 1040 I assume it is.

Kh1812 (talk|edits) said:

27 February 2006
The excess contribution is reported to the taxpayer on form 1099-R and is not subject to social security or medicare taxes.

Jake (talk|edits) said:

22 March 2009
I entered the 1099R info - the excess 401k was coded "8". In Proseries it got added to Line 7 W-2 earnings, and also got entered on Line 22 as "Excess 401k contributions refunded". I was able to remove it from the "other income worksheet".

To join in on this discussion, you must first log in.
Retrieved from "http://www.taxalmanac.org/index.php/Discussion:Excess_401k_Contribution_%26_Social_Security_tax"