As I know the excess amount is just ~$300, and I did not meet the total 401(k) Employer and Employee Annual Contribution Limits, which is $61000. Can I just report those $300 as extra income and keep this $300 in my 401k account? If so, how should I report this as extra income in Turbotax? I'm assuming by doing this, I only need to pay tax of $300 this year, and the tax of $300+ earning when I withdraw. Am I right?
