Get your taxes done using TurboTax

 Yes, report the  amount that is listed in Box 12 of your W2 then do the following:

1. Sign in to TurboTax and open or continue your return
2. Go to Wages & Income under Federal
3. Under Less Common Income, select Start or Revisit next to Miscellaneous Income, 1099-A, 1099-C
4. Select Start next to Other income not already reported on a Form W-2 or Form 1099
5. Answer Yes to Did you receive any other wages?, then Continue
6. Continue until you get to the Any other earned income screen. Answer Yes and select Continue
7. On the Enter Source of Other Earned income screen, select Other and Continue
8. On the Any Other Earned Income screen, enter 2022 Excess 401(k) Deferrals for the description, enter the amount, and select Done
9. Now right below that line in your previous entry, enter the following description. I returned the excess 401K contribution by April 18, 2023 and then enter the same amount with a minus sign in front of the amount.
10. Keep a copy of your refund check that your administrator sent you so you have proof that the excess contribution was returned to you before the April 18 deadline.

For Tax Year 2023:

Your 2023 Form 1099-R form will be issued reporting the excess 2022 401(k) deferral you received as a distribution in 2023.

• You can ignore a Form 1099-R with code P in box 7 if you reported the excess as described above in 2022
• But, the earnings on Form 1099-R with code 8 in box 7 should be reported in 2023.

It's unfortunate that you weren't sent a corrected W2 to avoid this.