Hello, I have a 401a account at my workplace. It comprises of mandatory employee pre-tax contribution with employer matching, and also an after-tax component. I regularly contribute to this after-tax component and then rollover to a Roth IRA account.
It was challenging to determine exactly how much the pre-tax contributions would end up at the end of the year, so now I am over the contribution limit ($61000 for 2022 I believe). Some of it remains in the 401a, the another portion is in the Roth IRA, but uninvested. My account is with Fidelity, and I was instructed to fill out the Return of Excess Contributions form next year.
I plan to do this before tax filing day. The money, by default, sits in some money market account, so it slowly accumulates a small amount. Let's say I end up having to remove excess contributions from both 401a and Roth IRA, and both have tiny amounts of appreciation, and this is done in January 2023. Will Fidelity send me 1099-R form that I can use for filing 2022 taxes? Or will I get 1099-R next year (January 2024), and then it will get added to gross income for 2023 taxes? In other words, will I have to input something for 2022 taxes?
Thank you.
