Where would the turbotax include the excess distribution received in 2023 for the year 2022 in the 1040 form ? Will turbotax file Schedule 1 and include in the other income ?
I am asking because it is mentioned in the deferral refund check to include the pre-tax amount to Line 7 (which is capital loss or gain) column. Reference: https://www.hr.upenn.edu/PennHR/benefits-pay/saving-for-retirement/contributions/excess-deferrals/
Situation: I made excess contribution in 2022 and received the excess deferral in Feb 2023 but the 1099-R willl be issued in Jan 2024 for the year 2023. I want to know how turbotax treats the excess deferral in the income calculation. Is it Schedule 1, line 8z (since it mentions only allocable loss in 1040 instructions) or not ?
my question is: "where is the excess deferrals included ? "
