Held two jobs in 2017. Previous job 403b contribution was #13,500. Started my second job and did everything possible to schedule my 401k contributions to not go over $4,500 (for the combined $18,000 annual limit). Unexpected bonus check at the end of December meant that some additional money went to the 401k and I ended up with $18,169 for my annual 403b/401k contribution. I told our HR administrator and the resolution was a check mailed directly to me from Fidelity as a distribution from the account for $172.52 (the $169 plus $3.52 gain).
1) Will I get dinged on my tax return for showing a contribution $169 greater than the $18k limit?
2) Since the "distribution" comes in 2018, will I have to report the $172.52 next year via 1099-R and pay additional taxes on that money coming out of a pre-tax account??
I recognize that the money mailed to me was all pre-tax anyhow, so subject to my usual taxes, but will there be a penalty?
Any input on how to handle this is appreciated.
1) Will I get dinged on my tax return for showing a contribution $169 greater than the $18k limit?
2) Since the "distribution" comes in 2018, will I have to report the $172.52 next year via 1099-R and pay additional taxes on that money coming out of a pre-tax account??
I recognize that the money mailed to me was all pre-tax anyhow, so subject to my usual taxes, but will there be a penalty?
Any input on how to handle this is appreciated.
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