Experts...
So, I was able to work with my employer and the 403b Services Company (Lincoln Financial) to file an excess contribution refund. They were able to fulfill my request and send my refund prior to April 15th, 2021. However, I don't want to wait until they send me my 1099-R forms later and file an amended tax return. So I want to report the excess income in my 2020 tax return in TurboTax.
The challenge is that the refund they sent me has BOTH the excess deferral amount AND the earnings, as well as federal and state withholding. I know that they will send me a Form 1099-R for my excess deferral (taxable for 2020, distribution category "P") AND a Form 1099-R for my earnings attributed due to the excess deferral (taxable for 2021, distribution category "8"). Since I want to file the excess deferral refund income in my 2020 taxes, I can easily report that amount on Turbo Tax as "Other Earned Income" without a 1099-R. But how do I report the federal and state tax withholding amounts on TurboTax for this particular scenario!
Thanks in Advance Experts!
Cheers!
John
