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Retirement tax questions
"Does IRS require us to report the over paid contributions as taxable income in this year? If I were to pursue this option, I am guessing I have to report the employee part of the excess contribution as taxable income. correct?"
Yes, you would enter it into 2022 TurboTax as Miscellaneous Income -> Other income not already reported on a Form W-2 or From 1099.
‎January 14, 2023
2:09 PM