This answer to the 402G excess contribution came up in my search, as I appear to be in the exact same boat as the person replied to beforehand.
I changed jobs mid year, and inadvertently contributed too much across my 401K plans. I contacted my current 401K provider, and they issued me a refund check. However in the accompanying statement I got, it says it is for 'tax year 2021' (shouldn't it be 2020, given that it was from tax year 2020 I requested the excess funds back from?).
Like the prior inquiry, I was also told not to expected a W2C, and that a 1099R will be issued for my 2021 taxes.
However, what do I need to do (if anything) for my 2020 taxes? For example, should I subtract the amount of the check from the amount of my 401K contributions in my W2 (box 12D), and add the amount of the check into W2 (box 1 - wages)?
I am under the impression that I get a penalty for over contribution, so may need to do something ahead of getting a 1099 for my 2021 taxes.
Very many thanks in advance!
