Working on my 2023 tax return here.
In TT, under the "On Demand Tax Guidance" window for "Steps to Take to Remove an Excess Salary Deferral," we are directed to figure out which retirement account we want to use to remove the excess, then notify the plan administrator, etc., then, assuming distribution is made by April 15, 2024:
1. Report the excess deferral on your 2023 return in the Income section for Retirement Plans and Social Security whether or not you received a Form 1099-R before you file your return. Enter as much information as you can. Report the excess deferral amount in boxes 1 and 2a, and use code P in box 7. Indicate that this is a 2024 Form 1099-R.
2. In 2024, you will probably receive two Forms 1099-R. One reports the excess deferral amount. The other reports the earnings on the excess deferral. Enter both of these forms in your 2024 return, and we'll only add the earnings to your 2024 income.
This sounds different to me from the Step by Step shown in earlier post, which does not involve creating a dummy 1099-R for my 2023 tax return. Am I missing something?
