You do not need to create a 2025 form 1099-R.
Any earnings on the excess deferrals will be covered by a 1099-R for 2025 and will be entered then as a normal 1099-R on your 2025 tax return.
Below is how to report your 401(k) excess deferrals in TurboTax Online:
- Click on Federal in the left-hand column, then on Wages & Income
- Navigate to the list of income categories
- Locate the section Less Common Income
- Select Miscellaneous Income and click Start
- Select Other income not already reported on a Form W-2 or Form 1099 and click on Start
- Answer the question "Did you receive any other wages? Yes
- Click through the questions till you get to Any Other Earned Income
- Answer Yes to Did you earn any other wages?
- Indicate Other as Source of Other Earned Income and click Continue
- For the description enter "2024 Excess 401K Deferrals" and click on Done
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