I have overcontributed to my 401k in 2024 by $3,000 due to having 2 employers. I have earned $10 on the deferral. I have contacted my 401k administrator. They corrected the issue and returned the excess contribution of $3,000 and $10 gain attributable to the excess contribution prior Apr 15, 2025.
I have adjusted the information on my W2 this way:
1. I have added $3,000 to my Federal Taxable Wages in Box 1
2. I have taken out $3,000 from Box 12 (elective deferrals to qualified plans)
This then showed as income on my 1040 under line 1a and this way I am including the excess deferral in my income.
I anticipated that my employer would issue a corrected W2 to reflect the above. However, they did not.
Is this OK then to report it in TurboTax this way? If not, do I have to amend my tax return to report it differently?
I realize that the gain of $10 will be reported in my miscellaneous income when I file 2025 taxes based on 1099 R I will receive.
