Retirement tax questions

No, you do not have to wait for the 1099-Rs you can report it now to avoid having to amend your 2020 tax return.

For the 401k excess (#1) please follow the steps below to report it:

1. Login to your TurboTax Account 
2. Click "Federal" from the left side of your screen
3. Scroll  down to "Less Common Income" and click "Show More"
4. Scroll down to "Miscellaneous Income, 1099-A, 1099-C" and click "Start"
5. Select "Other income not already reported on a Form W-2 or Form 1099" and click "Start"
6. On the "Did you receive any other wages?" screen answer "Yes" and click "Continue"
7. Continue until you get to the "Any other earned income" screen, answer "Yes" and click "Continue"
8. On the "Enter Source of Other Earned income" screen select "Other" and click "Continue"
9. On the "Any Other Earned Income" screen enter "2020 Excess 401(k) Deferrals" for the description, enter the amount and click "Done".

The earnings will be reported on your 2021 tax return when you get the 1099-R.

If you do not feel comfortable to report it now then you can wait until you get the 1099-Rs 2021 in 2022 and then amend your 2020 tax return to include the 1099-R with code P for the 401k excess deferral.