Hello,
I'm the same boat, but my situation is slightly different. The broker returned me not just the excess deferral plus also the incurred losses on the excess deferral amount.
- Had 2 employers in 2022
- Maxed out my pre-tax 401K with Original Employer A ($20,500 IRS Limit) for 2022.
. I also contributed $13000 pre-tax to my 2nd Employer Bs 401K in 2022.
- Total contribution over IRS limit to 401k plan - 13000$
- I left my contribution to Employer Bs 401k intact and decided to request excess deferral from Employer A's broker, Fidelity.
- Sent Fidelity W2s of both employer in Jan 2023 suggesting them to refund me a check for 13000 $
- Fidelity, after review, sent me a refund for 11000$ in March 2023. The 2000$ difference in refund was explained to me as loss incurred on the original 13000$ amount.
Q : Should i input my 401k deferred income in "other" category in TT to reflect 13000$ or should i report it as 11000$ with losses incurred. Fidelity only sent me a check and no 1099-R. Or should i report 13000$ as deferred income for 2022 401k excess and then show 2000$ as loss in tax year 2023?
