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If you did not report the excess deferral on line 1 of Form 1040 already on your 2019 return then you will have to amend your return to add the 1099-R with code P in box 7. Please see How do I amend my 2019 return? and enter the 1099-R with code P.

When you filed your 2019 return did enter the excess deferral like below? If yes, then you do not need to amend your return and can ignore Form 1099-R with code P.

To report the excess 401(k) contributions and subsequent distributions, a 2019 plan excess distributed in 2020 is reported on line 1 of your 2019 Form 1040:

1. Click "Federal" from the left side of your screen
2. Scroll  down to "Less Common Income" and click "Show More"
3. Scroll down to "Miscellaneous Income, 1099-A, 1099-C" and click "Start"
4. Select "Other income not already reported on a Form W-2 or Form 1099" and click "Start"
5. On the "Did you receive any other wages?" screen answer "Yes" and click "Continue"
6. Continue until you get to the "Any other earned income" screen, answer "Yes" and click "Continue"
7. On the "Enter Source of Other Earned income" screen select "Other" and click "Continue"
8. On the "Any Other Earned Income" screen enter "2020 Excess 401(k) Deferrals" for the description, enter the amount and click "Done". 

Please note for the Tax Year 2020 tax filing due May 17th, 2021: 

2021 Forms 1099-R will be issued reporting the excess.

• Form 1099-R with code P in box 7 can be ignored if you reported the excess as described above in 2019. 
• However, the earnings on Form 1099-R with Code 8 in box 7 should be reported in 2020.