Regional Vice President of Sales The Retirement Plan Company
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Correcting 401(k) Plan Excess Elective Deferrals
Verrill Dana LLP [Guidance Overview] Feb. 23, 2022 "Unless they are timely distributed, excess elective deferrals are in included in a participant's gross income for the year in which they were made to a plan, and for the year in which they are distributed from the plan. A distribution of excess elective deferrals is reported on IRS Form 1099-R (not on Form W-2 or a corrected Form W-2)." |
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