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Deductions & credits
The amount of the excess deferral goes on line 1h of your 2022 Form 1040 as Other earned income. You do this in TurboTax by going to Wages & Income -> Miscellaneous Income, 1099-A, 1099-C -> Other income not already reported on a Form W-2 or Form 1099. Answer Yes, you received other wages, Yes, you earned other wages, Other, then enter the amount of the excess deferral.
Because the corrective distribution occurred in 2023, Pub 525 indicates that the loss can be claimed on your 2023 Schedule 1 line 8z as "Loss on Excess Deferral Distribution," nowhere on your 2022 tax return.
May 20, 2023
4:12 AM
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