April 15 was the deadline as prescribed by law. It is not related to the filing date.
If you missed that date then you still must enter the excess amount as taxable wages. The excess (and earnings) should just remain in the account. When you retire and take distributions then the distributions will be taxable. You do not get to claim the excess as an after-tax contribution. That double tax is the penalty for missing the Apr. 15 date to remove 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 2020 wages on line 1.
**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.**
