dmertz
Level 15

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.