The trustee is the manager of one of your 401k plans.
The trustee may or may not distribute the excess amount to you and report it on a Form 1099-R. If it is distributed, then you will include the Form 1099-R on the return for the year of the distribution.
You do need to report the excess amount on your 2019 return since the excess deferral took place in 2019. Use the following steps:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “excess salary deferrals” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to excess salary deferrals”
- Click on the blue “Jump to excess salary deferrals” link
- Answer Yes to the question about receiving other wages
- Skip the next screens until you see the question ‘Did you earn any other wages?’ and answer Yes
- Select Other for the source of the other wages then click Continue
- Enter ‘excess salary deferral’ as the description and enter the amount of excess deferral and click Done
[edited 3/22/2020 | 12:37 pm PST]
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