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Excess distribution from Self 401K
I am self employed & contribute to a self-401K (Solo 401K). In December 2020, I thought I had over-contributed for 2020 & requested a distribution of excess contribution of $2000. And the brokerage sent me the check & a 1099-R with Box 1 & 2a with: $2,200 ($2000 contribution + $200 earnings), with Box7=08.
Now doing my taxes, I realize that I shouldn't have requested that excess contribution withdrawal (I had forgotten about a gig I had done early in the year) and now the $2000 is showing up twice as income from both 1099-MISC & the 1099-R and I am getting taxed twice. Is there any way to reconcile/fix this so it shows up as income only one one.
Thanks!
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March 3, 2021
9:44 PM