@DanaB27
Fantastic explanation. THANK you so much for walking me through this. To summarize:
1- For my 401K excess contributions, I added the excess into 2022's tax via the misc income and the excess got taxed. In 2024 we can ignore form 1099-R with code P since I reported it in 2022 (today). but any earnings with code 8 in box 7 will be reported in 2023 and I do not have to amend 2022, correct?
2- I am trying to calculate the contributions + earnings (the earnings part is a bit challenging). If I cannot calculate it, in 2024, when I receive my 1099-R, I would have to amend my 2022 tax filing to enter the necessary information. I have never amended a tax return. Is it difficult?
