@DanaB27 @DianeW777
Hello, thank you again for your help previously! From the earlier replies I understand the instructions assuming the refund is not issued on time, but I wanted to clarify one detail assuming that the excess is refunded on time, as I've been getting conflicting answers:
I previously referenced a discussion about amending W2 forms that seemed to indicate that the W2 box 12 amount should be reduced if the excess deferral was returned on time. However, this thread seems to indicate that no changes should be made to the box 12 amount and that the only correction for the W2 should be the addition of the excess deferrals as miscellaneous income. Which of these statements is correct? To be clear, I will not be receiving an updated W2 statement as my retirement account is being managed by a different company from my actual employer.
