My employer made a mistake and I ended up with excess contributions for my 2018 401k. I was told that I'd receive a 1099-R form in 2020 for both the 2018 excess contributions and 2019 earnings on excess deferrals. They indicated that I need include the excess deferral as additional gross income in my 2018 taxes.
According to turbo tax instructions under "Steps to Take to Remove an Excess Salary Deferral", on step 4 it indicates I should:
4. Report the excess deferral on your 2018 return in the Income section for Retirement Plans and Social Security whether or not you received a Form 1099-R before you file your return. Enter as much information as you can. Report the excess deferral amount in boxes 1 and 2a, and use code P in box 7. Indicate that this is a 2019 Form 1099-R.
However, code P indicates that the excess contributions were for 2017. Should I use code 8 in box 7 instead? If not, how do I indicate that this a 2019 1099-R substitute form?
