Get your taxes done using TurboTax

The withheld taxes will have to be entered on your 2021 tax return when you receive the 1099-R. They will be credited towards any tax amount due on your 2021 tax return.

Please follow the steps below to report the excess deferral distribution:

1. Login to your TurboTax Account 
2. Click "Federal" from the left side of your screen
3. Scroll  down to "Less Common Income" and click "Show More"
4. Scroll down to "Miscellaneous Income, 1099-A, 1099-C" and click "Start"
5. Select "Other income not already reported on a Form W-2 or Form 1099" and click "Start"
6. On the "Did you receive any other wages?" screen answer "Yes" and click "Continue"
7. Continue until you get to the "Any other earned income" screen, answer "Yes" and click "Continue"
8. On the "Enter Source of Other Earned income" screen select "Other" and click "Continue"
9. On the "Any Other Earned Income" screen enter "2020 Excess Deferrals" for the description, enter the amount and click "Done".