First time I got a return of excess contribution from 401K.
In 2022, I made 401K after tax contribution with immediate Roth in-plan conversion.
Fidelity informed me in early May 2023 that there was a return of excess contribution from my 401k contribution in 2022.
In mid-May 2023 Fidelity refunded the excess contribution (net the loss) and send documentation on the loss amount.
I also got the 2023 1099-R from Fidelity this month (January 2024), with code E.
I figured out how to report the refund of excess in Turbo tax.
How do I report the loss in Turbo Tax on 2024 tax return? Is it a short term capital loss on schedule D? Or is it an offset of income?
I would like to hear from folks who had excess and a loss on what you did to report the loss.
Thank you!
