Hi,
Apologies for the follow up as I am still confused a little.
So let me re-state the issue:
1) I have made a excess deferral of $10,445 for 401K for Year 2022.
2) My 401k Provider returned $9641 - 10% Tax deduction in Dec 2022 and this is the excess deferral reported in form 1099-R. The provider also mentioned a loss of $406.06 may be reported as a -ve amount on "Other income line" of 2022 tax return
3) Due to an error in calculation, the 401K provider also returned another excess deferral of $397.66 - $11.28 (Loss attributable to excess deferral) = $386.38 in Jan 2023. However there is no 1099-R form for this and they mention they will provide a 1099-R in Jan 2024 while the loss of $11.28 can be reported in other income.
Now I have included 1099-R in my return for 2022 that is to the tune of $9641.
Should I now declare the following in other income: 1) A excess deferral loss of $406.06 2) A excess deferral income of $386.38 3) A excess deferral loss of $11.28 totally amounting to -$20.
If not, where should I declare this excess deferral income of $386.38 as 1099-R will be available in only 2024 as per 401K provider?
Also, will I have to pay tax again in 2024 since 1099-R will be available only then?
Thanks!
