TurboTax says I need to put it in this year's as well. I over-contributed to my 401k in 2022 and received the excess deferral in 2023. TurboTax says I should follow these steps when it noticed I over-contributed:
1. Report the excess deferral on your 2022 return in the Income section for Retirement Plans and Social Security whether or not you received a Form 1099-R before you file your return. Enter as much information as you can. Report the excess deferral amount in boxes 1 and 2a, and use code P in box 7. Indicate that this is a 2023 Form 1099-R.
2. In 2023 (Typo? I assume it meant 2024), you will probably receive two Forms 1099-R. One reports the excess deferral amount. The other reports the earnings on the excess deferral. Enter both of these forms in your 2023 return, and we'll only add the earnings to your 2023 income.
I actually haven't received the 1099-Rs since I'm supposed to get it next year. I filled in the income for retirement plans like it said, but even though the excess income is being calculated in the gross income, the federal tax withheld field isn't calculated in total payments.
