@Tonyylo wrote:
Hi,
I contributed too much while switching jobs in the middle of the 2021. I have requested an excess contribution withdrawal and my administrator said I would get a corrected tax for to file my taxes. ) I filed for an extension. Now they say excess distributions are processed as distributions and I will get a form next year.
what do I do? I have been waiting to file my taxes and now they have no corrected form for me like they said they would have
The bank is correct, but that's ok.
For your 2021 taxes, if you successfully reversed the contribution, it's as if it was never made. Turbotax should tell you that you contributed too much and ask you if you will withdraw it. When you say yes, that's all you need to do. Turbotax should also ask if you have earnings from the excess, and you will report it.
Then in January 2023, you will get a 1099-SSA for your distributions during 2022. It should have a distribution code "2", which is for return of excess contributions, and Turbotax will report it but not count it as taxable income.
