Get your taxes done using TurboTax

The excess deferral should have to been added to your 2021 tax return with these steps:

1. Click "Federal Taxes" on the top and select "Wages & Income"
2. Click "I'll choose what to work on"
3. Scroll down "Less common income" and click "Start" next to "Miscellaneous Income, 1099-A, 1099-C"
4. Select "Other income not already reported on a Form W-2 or Form 1099" and click "Start"
5. On the "Did you receive any other wages?" screen answer "Yes" and click "Continue"
6. Continue until you get to the "Any other earned income" screen, answer "Yes" and click "Continue"
7. On the "Enter Source of Other Earned income" screen select "Other" and click "Continue"
8. On the "Any Other Earned Income" screen enter "2021 Excess Deferrals" for the description, enter the amount and click "Done".

If you receive the distribution of the excess deferral and earnings by April 15th, 2022, then please note for the Tax Year 2022 tax filing due April 18, 2023: 

2023 Forms 1099-R will be issued reporting the excess.

• Form 1099-R with code P in box 7 can be ignored if you reported the excess as described above in 2021. 
• However, the earnings on Form 1099-R with Code 8 in box 7 should be reported in 2023.

If you didn't add the excess deferral on your 2021 tax return with the steps above then you have to enter the Form 1099-R with code P on your 2021 tax return.

Please see Pub 525 and How do I amend my federal tax return for a prior year? for additional information.