Good Morning Tax Experts!
I made an excess deferral of $1,200 to my 2023 401K. I just noticed this today as I was doing my return. It is too late to contact with the employer or the 401K administrator to make any changes. My question for the experts is how do I handle this excess deferral in Turbo Tax step by step. Also, once I report this excess deferral and pay taxes on it then I do not need to do anything else (such as informing the employer or the benefits administrator), correct?
Thank you in advance!
