DanaB27
Expert Alumni

Deductions & credits

Yes, that is correct. You will add the excess deferral (amount contributed minus the $22,500 limit) to your 2023 return and the withheld taxes will be dealt with on your 2024 return along with any gains.

 

Entering a 2024 Form 1099-R for this is another option but generally the instructions I gave above will be easier to enter. Both options will result in the income to be entered on line 1h of Form 1040.

 

@Software User 

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