Question for everyone since I'm getting conflicting information from Turbotax documentation and what I am reading online.
- My company's payroll accidentally over contributed to my 401k by $4.
- The company handling my 401k kicked back the money in early January.
Turbotax says "Report the excess deferral on your 2024 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"
Online, people say I should wait until my 2025 return to report it.
To make things more complicated, the company handling my 401k says since it is only $4 and is considered "De_Minimis", they will not even generate a 1099-R.
Any ideas what I'm expected to do in this situation?
Thank you in advance for any advice!
