You can ignore the Form 1099-R with code P since you already include the excess deferral on your 2022 return.
The loss will have to be reported on your 2023 tax return:
- Login to your TurboTax Account
- Click "Federal" from the left side of your screen
- Scroll down to "Less Common Income" and click "Show More"
- Scroll down to "Miscellaneous Income, 1099-A, 1099-C" and click "Start"
- Select "Other reportable income" and click "Start"
- Answer "Yes" to "Any Other Taxable Income?"
- Enter "Loss on Excess Deferral Distribution” and enter the loss as a negative number (-$250)
Please see Pub 525 for additional information.
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