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Get your taxes done using TurboTax
Yes, you can contact the custodian to get the information and to request the withdrawal of the excess deferral and earnings.
Yes, the excess deferral is added to your taxable income and therefore your taxes will increase.
Yes, if you had earnings on the excess deferral then you will get a 2024 Form 1099-R with code 8 and you will have to report it on your 2024 tax return. These earnings will increase your taxable income.
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March 17, 2024
7:54 AM
1,832 Views