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Retirement tax questions
@imangoldasteh I didn't realize that the amount reported in box 12 is already causing the excess contribution to be taxable in TurboTax. If that is the case, then you don't need the entry in the "Income not reported elsewhere" section. I assumed you made the box 12 entry, that it wasn't on the original W-2 form.
So, you should report the original W-2 form the way it is stated. If that results in the correct income being reported on your tax return, then you should make no additional entry. Otherwise, you will use the "Income not reported elsewhere" option to account for any unreported income.
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‎February 22, 2022
11:25 AM