We are dealing with a an excess contribution that was a mix of contribution to a traditional 401k and a Roth 401k.
I have read through past Q&As and understand the basics for handling an excess 401k contribution. We notified the plan and received disbursement prior to the deadline. I know the steps to report the excess contribution on our 2021 taxes (we filed an extension so haven't filed yet) and the allocable income on the 2022 taxes. And I understand we will receive two 1099-Rs in January 2023.
When it comes to reporting the excess contribution on our 2021 taxes, I just want to confirm that my understanding is correct: I should report the (distributed) excess contribution to the traditional 401k but not the (distributed) excess contribution to the Roth 401k, right? I know that next year I will report the allocable income for both as tax year 2022 income.
Thank you for the help!
