Ask Experts Questions for FREE Help !
    smarchlik's Avatar
    smarchlik Posts: 1, Reputation: 1
    New Member

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

    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?

    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,815, Reputation: 846
    Senior Tax Expert

    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.

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

1099 Misc question [ 9 Answers ]

Hi, I worked as an Independent Contractor for a few months and received a 1099 Misc for the same. As I was going through the instructions for Schedule C-EZ, it said I need to fill the form if I am continuing the business.. which I am not. So should I include the amount in 1099 MISC in Other Income...

Need help in VB Code [ 1 Answers ]

Good day, Iam traying to get result of my record as below If next record is biger than previous show "1" If next record is same previous show "1" If next record is smallest show "0" if next record is same previous show "0" Example

1099-A Question [ 3 Answers ]

When we filed bankruptcy in '99, we did not reaffirm on our mortgage loan, and was told we could keep our home as long as we still made our payments, but if we abandoned our home, we would not be liable for the remainder of the loan. We received a 1099-A and was wondering if we need to report this...

CHeck Engine Code P1441 Question... [ 1 Answers ]

I got this check engine code on my 2001 Nissan Altima P1441 :( can anyone tell me what that is all about and what it means and what I can do to fix it :confused: . Thanks for your help :)

Decode code [ 1 Answers ]

I am very happy to know about you. Please I am a Cameroonian and having a cingular phone with the following details. What happen with the phone is that my small brother took it and not knowing the operatings,entered a code that he could no longer remember.It show that he had changed the...

View more questions Search