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Get your taxes done using TurboTax
You must include the excess deferral in your wages in the year the excess deferral happened.
Please follow the steps below:
- Login to your TurboTax Account
- Click "Wages & Income" (under Federal) on 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 income not already reported on a Form W-2 or Form 1099" and click "Start"
- On the "Did you receive any other wages?" screen answer "Yes" and click "Continue"
- Continue until you get to the "Any other earned income" screen, answer "Yes" and click "Continue"
- On the "Enter Source of Other Earned income" screen select "Other" and click "Continue"
- On the "Any Other Earned Income" screen enter "2024 Excess 401(k) Deferrals" for the description, enter the amount and click "Done".
I assume you didn't have any earnings on this small amount and therefore this is all you need to do.
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‎February 21, 2025
7:48 AM