An excess deferral in a 401(k) CANNOT be remedied with a 5329 form. Because you failed to request a return of the excess before April 15 and because it is no longer possible for the 401(k) plan to return the excess, you will have to report that excess as taxable income on the 2019 1040 form line 1 as if it has been returned.
Since you rolled to to an IRA (Traditional I assume) you will have to pay tax on that money again when finally withdrawn. That double tax is the penalty for not properly removing the excess from the 401(k) plan in the proper method in the time allowed.
Without a 1099-R, TurboTax has a special way to do report it.
Excess 401(k) deferrals should be reported in:
(There are several screens to click through to get to the right place)
Miscellionious Income ->
Other Income not reported on a W-2 ->
Other wages (yes) ->
House Hold employee (Continue) ->
Sick Pay (Continue) ->
Other earned income (yes) (Includes excess salary deferrals)->
Source of income (other) ->
Any other income - enter the amount of the excess deferral and an explanation.
This will add the returned excess to your 2019 wages on line 1 on the 1040 form.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
