MinhT1
Expert Alumni

Deductions & credits

No.

 

You must report the 2022 excess contribution to your 401(k) on your 2022 tax return using the instructions I gave above.

 

You will only report in 2023 the earnings you may have on that excess. These earnings will be reported together with the excess on a 2023 form 1099-R. But you do not report the excess contribution again in 2023, only the earnings. If there is a loss, that loss is not deductible.

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