Get your taxes done using TurboTax

An amendment (Form 1040-X) is only necessary if you did include the 2022 excess 401(k) contribution on your 2022 filed return.

 If you received the distribution of a 2022 excess deferral plus earnings in 2023, then you will receive two 2023 Forms 1099-R in 2024.

The first 2023 Form 1099-R will have a code P but it will have to be included on your 2022 tax return. You have two options if you haven't filed your 2022 return: 

• You can wait until you receive the 2023 Form 1099-R in 2024 and amend your 2022 return or
• You can report it now in your 2022 return with the steps below and ignore the 1099-R when it comes unless there is Box 4 Federal Tax withholding and/or  Box 14 State withholding. Then you must enter the 2023 Form 1099-R into the 2023 tax return since the withholding is reported in the year that the tax was withheld. The 2023 code P will not do anything in the 2023 tax return but the tax withholdings will be applied to 2023.

The second 2023 Form 1099-R for the earnings with Code 8 in box 7 should be reported in 2023.

Please follow these steps to report a 2022 excess 401(k) deferral:

1. Login to your TurboTax Account 
2. Click "Federal" from 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".

@davoti2