1099-R with Distribution code P - how to amend previous year?

[dmreda]

We over-contributed to a 401k in 2022, and in 2023 we received a 1099-R with distribution code P.  Turbotax 2023 is telling me that I need to amend the 2022 return.

Where, exactly, to I put in the information in the 2022 amended return?

Thanks! 

Dennis

[DanaB27 · Accepted solution]

If you added the excess deferral to your wages on your 2022 tax return with the steps below then you can ignore the Form 1099-R with code P.

1. Login to your TurboTax Account 
2. Click "Wages & Income" (under Federal) on the left side of your screen
3. Scroll  down to "Less Common Income" and click "Show More"
4. Scroll down to "Miscellaneous Income, 1099-A, 1099-C" and click "Start"
5. Select "Other income not already reported on a Form W-2 or Form 1099" and click "Start"
6. On the "Did you receive any other wages?" screen answer "Yes" and click "Continue"
7. Continue until you get to the "Any other earned income" screen, answer "Yes" and click "Continue"
8. On the "Enter Source of Other Earned income" screen select "Other" and click "Continue"
9. On the "Any Other Earned Income" screen enter "2022 Excess 401(k) Deferrals" for the description, enter the amount and click "Done".

If you did not add the excess deferral to your wages on your 2022 tax return with the steps above then please see How do I amend my federal tax return for a prior year?

You will enter the Form 1099-R and TurboTax will add it to your 2022 wages:

1. Click on "Search" on the top right and type “1099-R”  
2. Click on “Jump to 1099-R”
3. Enter your Form 1099-R with code P