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    smarchlik's Avatar
    smarchlik Posts: 1, Reputation: 1
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    #1

    Apr 9, 2006, 04:43 PM
    1099-R / P Code Question
    Hello-

    My employer last year indicated that certain members of the company would be getting a 401k distribution because the company failed its non-discriminatory test by the government (set up to ensure that the plan set up by the company benefits employees of all $ levels.)

    Unfortunately, just after I filed for 2004 (this time last year) I received a check for about $2K that was taken from my 401k plan. But it was not reflected on my W-2s. They stated it was taxable in 2004 and that I would receive a 1099-R this year to deal with it.

    I got the 1099-R this year with a distribution code of P (Excess Contributions plus earnings/excess deferrals taxable in 2004). I assume that I must amend my 2004 taxes and want to do so.

    However, I am not clear as to which incomes boxes on my 2004 W-2 I should add this amount. And without knowing this I am having a hard time in calculating my revised Adj Gross Income on my 1040X form. My wonder employer says I should consult my tax advisor. But I have never needed one and don't want to pay for one (on prinicple).

    Is there an easy way to handle this amendment? Am I missing something simple here?

    Box 1 is Wages, tips, other comp (should I add the 2K to this?)
    Box 3 is Social Security wages and has a cap at 90 K. I am at this level. No issues here.
    Box 5 is Medicaire wages and tips, but it is not the same as box 1 interms of the amount in it on my W2.

    Anyone have any advice for me as the clock ticks on 2005 taxes? Also, is the deadline for filing amendments that same as regular 1040s?

    Thanks!:confused:
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,815, Reputation: 846
    Senior Tax Expert
     
    #2

    Apr 10, 2006, 09:47 AM
    You should get professional tax help!

    However, if you insist on doing it yourself, Form 1099-R distribution is normally posted on Line 16a and 16b of Form 1040 and reported as "other income" on Form 1040X.

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