I changed jobs in 2020 and made an excess deferral to my 401(k). I did not notice until doing my taxes in March 2021, so I did not continue filing. I then notified the plan administrator immediately and requested a corrective distribution. However, upon inquiring with my current employer, I am being told a corrected W2 is not necessary. Upon researching the topic here, I found plenty of solutions on how to enter the excess deferral as miscellaneous income on my 2020 return when I continue to file it. However, my question is do I leave the 401(k) contribution amount as-is (i.e. including the excess)? Or, do I adjust that accordingly on the W2 entry section (i.e. subtract the excess deferral that is to be refunded)? Or, does it even matter? In addition, most of my excess contribution was made to a designated Roth account. Does that mean I only need to add the "tax deferred" amount to miscellaneous income while the designated Roth contributions do not have to be accounted for as miscellaneous income, since it has already been taxed?
