DanaB27
Expert Alumni

Deductions & credits

Code PB indicates that the the distribution was for a 2023 excess deferral to a designated Roth account. This amount shouldn't have been added to your wages on your 2023 return (Pub 525). The earnings on the excess deferral need to be reported on your 2024 return.

 

You will have to amend your 2023 tax return. Please see How do I amend my federal tax return for a prior year?

 

For the 2024 excess deferral to the designated Roth account you will report only the earnings on your 2025 tax return. You must receive the distribution of the 2024 excess deferral and earnings by April 15th to avoid double taxation. 

 

 

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