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    kerrie14's Avatar
    kerrie14 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Mar 7, 2007, 12:56 PM
    1099R - 2006 - how to file
    I received a 2006 1099R for excess contribution to a 401K plan in 2005. Do I need to amend my 2005 tax returns to reflect the payout? Or should this be included on my 2006 return?

    I will be getting a similar payout this year for 2006 contributions. Is there a way I can include this amount on my 2006 tax return? I will not receive the 1099R until Jan 2008?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 8, 2007, 12:44 PM
    Include it on your 2006 tax return,

    Go to the 401K plan administrator and withdraw the excess 401K contributions for both 2005 and 2006, or the 1099Rs will just keep on coming.
    kerrie14's Avatar
    kerrie14 Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Mar 9, 2007, 05:39 PM
    Thank you for providing an answer to my question. I hope you have time for one more. For the 1099 R that I received this year, should I amend 2005 taxes. That is what turbo tax says I should do.

    This is a pay out from the plan that I did not request. It was a result of an IRS audit of the corporations contributions to the 401K plan. Even though I did not max out my contributions, the company did.

    One last question - can I open an IRA this year, and still have it count for 2006?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Mar 11, 2007, 08:49 PM
    Yes, you need to amend the 2005 return.

    Yes, if you qualify to open an IRA this year, you can still contribute for 2006 up to 16 April 2007.
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