Assuming you made the excess deferral in 2022 and received it in 2022 all you need to do is enter your Form 1099-R.
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R”
- Enter the information from your 1099-R
If this was a 2021 excess deferral returned before April 15th, 2022 then the 10K excess deferral should have been reported in your 2021 tax return and the loss will have to be reported on your 2022 tax return:
- Login to your TurboTax Account
- Click "Federal" from the left side of your screen
- Scroll down to "Less Common Income" and click "Show More"
- Scroll down to "Miscellaneous Income, 1099-A, 1099-C" and click "Start"
- Select "Other reportable income" and click "Start"
- Answer "Yes" to "Any Other Taxable Income?"
- Enter "Loss on Excess Deferral Distribution” and enter the loss as a negative number (-$500)
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