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Retirement tax questions
If this was a 2022 excess deferral return in 2023 (before April 15th, 2023) then the 13K excess deferral will have been reported in your 2022 tax return and the $2,000 loss will have to be reported on your 2023 tax return.
Please follow the instructions below to report the excess deferral on your 2022 tax return:
- Login to your TurboTax Account
- Click "Wages & Income" (under Federal) on the left side of your screen
- Scroll down to "Less Common Income" and click "Show More"
- Scroll down to "Miscellaneous Income, 1099-A, 1099-C" and click "Start"
- Select "Other income not already reported on a Form W-2 or Form 1099" and click "Start"
- On the "Did you receive any other wages?" screen answer "Yes" and click "Continue"
- Continue until you get to the "Any other earned income" screen, answer "Yes" and click "Continue"
- On the "Enter Source of Other Earned income" screen select "Other" and click "Continue"
- On the "Any Other Earned Income" screen enter "2022 Excess 401(k) Deferrals" for the description, enter the amount ($13,000) and click "Done".
To report the loss next year on your 2023 tax return:
- Login to your TurboTax Account
- Click "Federal" from the left side of your screen
- Scroll down to "Less Common Income" and click "Show More"
- Scroll down to "Miscellaneous Income, 1099-A, 1099-C" and click "Start"
- Select "Other reportable income" and click "Start"
- Answer "Yes" to "Any Other Taxable Income?"
- Enter "Loss on Excess Deferral Distribution” and enter the loss as a negative number (-$2,000)
Please see Pub 525 for additional information.
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March 13, 2023
1:50 PM