KeshaH
Expert Alumni

Get your taxes done using TurboTax

Yes, you should amend your 2023 filing to report your excess 457 deferral as wages from the W-2 instead of retirement income. Since you received a W-2 instead of a 1099-R, the IRS will be expecting this income to be reported on line 1 instead of line 4 or 5.

 

You don't need to include the W-2 on your 2024 tax filing. Even though you received the form for tax year 2024, this is actually for your 2023 filing. You also don't need to include the 1099-R for the 403b on your 2024 tax filing. This is also for your 2023 return and you've already reported it.

 

You don't need to wait for your 2023 amended return to be accepted before filing your 2024 return. You can file 2024 whenever you're ready.