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Retirement tax questions
thanks for your response. A little more info:
I didn't receive a 1099-R (since I reported the over-contribution to them in 2023 and they sent me checks for both overpayments in 2023), but put in the numbers manually as directed by Turbo Tax. I entered an "8" in Box 7 and $44 in Box 1 and 2 (accounting for the over-contribution of $21 and $1.21 of interest in each of the two accounts), since the entire contribution and interest was deducted from my paycheck pre-tax. Turbotax notified me that that my over-contribution was $22 for the 401k account, but didn't include the 457 over-contribution. Did I enter everything correctly in the 1099-T? I'm hoping to get one for 2022 from the account, but I have a feeling since I just reported it, I may not get it until next year. thanks for your help...
I didn't receive a 1099-R (since I reported the over-contribution to them in 2023 and they sent me checks for both overpayments in 2023), but put in the numbers manually as directed by Turbo Tax. I entered an "8" in Box 7 and $44 in Box 1 and 2 (accounting for the over-contribution of $21 and $1.21 of interest in each of the two accounts), since the entire contribution and interest was deducted from my paycheck pre-tax. Turbotax notified me that that my over-contribution was $22 for the 401k account, but didn't include the 457 over-contribution. Did I enter everything correctly in the 1099-T? I'm hoping to get one for 2022 from the account, but I have a feeling since I just reported it, I may not get it until next year. thanks for your help...
‎February 3, 2023
9:28 AM