BrittanyS
Expert Alumni

Get your taxes done using TurboTax

Yes, if the check was issued prior to April 15, 2023, follow the steps provided by DanaB27.  Here are DanaB27 steps:

 

"If this is the case then you have to add the excess deferral to your 2022 wages with these steps (if you want to avoid amending your 2022 tax return when you get the 2023 Form 1099-R with code P):

 

  1. Click "Wages & Income" (under Federal) on the left side of your screen
  2. Scroll  down to "Less Common Income" and click "Show More"
  3. Scroll down to "Miscellaneous Income, 1099-A, 1099-C" and click "Start"
  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 "2022 Excess 403(b) Deferrals" for the description, enter the amount and click "Done".

 

If you receive the distribution of the excess deferral and earnings by April 15th then please note for the Tax Year 2023 tax filing due April 15, 2024: 

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 2022. 
  • However, the earnings on Form 1099-R with Code 8 in box 7 should be reported in 2023."

@Aminy 

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