Expert: Arthur Naman - 4/22/2009

Question
My company deducted more than $15,500 for my 401K account in 2008 so I filed for a return of excess contributions.  When I asked for a refund, I received a statement stating a gross and taxable of $5493.13, an ELOSS of $1770.94, and a net check for $3,722.19.  As the error in excess contributions were due to an error in human resources, shouldn't I receive the full amount and not be responsible for the loss?  I no longer work for that company.


Answer
I am not sure what to tell you to do.

The best answer would be to contact HR for you old employer, or the person administering the 401(k). Even though you no longer work for this company, they should still correct their error.

I am not sure what an "ELOSS" is.

Is this a loss in value from an investment in the stock market?

You also need to be concerned about what will be reported on your W-2 at the end of the year.