Not exactly... my corrected W2 only has two numbers in boxes 12W:
- Previously Reported $xxxx.xx
- Correct Information $yyyy.yy
Other than my name, SS# and other personal information, there is no other information reported because they were all considered "correct."
I did some research. It seems I will receive a 1099-SA in February 2023 that will show the amount withdrawn along with earnings on that amount. It will be reported as withdrawn in 2022 for excess contributions that were made in 2021. Since the amount was withdrawn in 2022, the taxes will be paid when I file my 2022 taxes in 2023. TurboTax will treat the withdrawal as ordinary income and tax it accordingly.
I'm pretty sure that's how it'll play out. I wish my employer hadn't sent me a corrected W2 and I could have just paid the taxes on the withdrawal this year when I file. I'll have to make a memo to file so I remember all this next year. Many thanks for the reply!
