I had an excess contribution to 401K in 2017, which I NOW understand is taxable income for 2017. I filed my return last year without acknowledging this excess contribution (misled by employer's HR). I now have a 2018 1099-R (with code P). Following Turbotax's FAQ, I have initiated the amendment of the 2017 return using 2017 TT Deluxe version. But the question is:
(1) where/how do I add this taxable income when amending the 2017 return? if I go to retirement income section and try to add this income using 1099-R, it asks me if I had "any rollovers, withdrawals or conversions reported on 1099-R in 2017", if I choose "yes" and go to next screen, code "P" says return of taxable income for "2016". So that does not seem right. Do I just manually change the W2 income instead? If yes, which employer - employer on Dec 31, 2017? I switched jobs in 2017? or do I add this income as 1099-R but with code 8 (which is taxable income for 2017)?
(2) Do I need to show this income on my tax return for 2018 - which I am working on now? I plan to add income from 1099 (code 😎 to TT for 2018 taxes.
Thank you!
