Hi TurboTax experts!
My wife and I, filing jointly, have run into an issue on excess contribution. Details are:
1. Wife was employed in 2022, retired Oct. 2022.
2. She was contributing to a 401(k) plan.
3. After retirement, she rolled over (100 %) the 401(k) to a Traditional IRA.
4. We filed our 2022 Joint Return in March, 2023. Return accepted, due taxes paid. Same for State Taxes.
5. In May 2023, we received notification that there was an excess contribution to the 401(k), which is now the IRa funds.
6. Excess amount was $2900.98 and earnings on that were $50.19 - total $2,951.17.
7. Requested this excess contribution be distributed - received July, 2023.
8. Are being told 1099-R will be issued in Jan 2024.
9. But we want to Amend the 2022 Returns by Oct. 15, 2023 which is the automatic extension - so that we are done with this issue.
Q1. What do I do without this 1099-R to amend the tax return for the amounts above?
Q2. Can i generate my own 1099-R? If so, what codes do I use/input?
Q3. Any other tips/pointers?
Any help from the experts will be greatly appreciated.
Filing was done online in TurboTax.
MANY THANKS!
AMS
