If you received a 2022 401(k) excess deferral distribution in 2023, you'll receive a 2023 Form 1099-R with a distribution Code P in box 7; however, it must be included on your 2022 tax return. You have two options to do that:
- Wait until next year when you receive the 2023 Form 1099-R and amend your 2022 tax return
- Report it now on your 2022 return and ignore the 2023 1099-R when it comes next year
- If your 2023 Form 1099-R has an amount in box 4, Federal tax withholding and/or box 14 State withholding, then you must enter it on your 2023 tax return. The 2023 Code P won’t affect your return, but the withholdings will be applied to 2023.
Click this link for more info on Excess 401K Contribution.
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