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Get your taxes done using TurboTax
Because your employer does not exclude Roth 403(b) contributions from box 1 of your W-2, nothing about this excess contribution and its return goes on your 2022 tax return. Because the corrective distribution was made in 2023, IRS Pub 525 indicates that the $1,000 loss can be claimed on your 2023 tax return on Schedule 1 (Form 1040) line 8z as "Loss on Excess Deferral Distribution." The 2023 Form 1099-R should have $0 in box 2a.
‎June 10, 2023
4:23 AM