DanaB27
Expert Alumni

Retirement tax questions

You can either create Form 1099-R or use the steps above (which seems easier) because both result in adding the excess deferral to your wages on line 1 of Form 1040.

 

If you follow the instructions above you will need to enter the description "2022 Excess 401k Deferrals".

 

If you are entering Form 1099-R and using code P then please be aware, code P will say in the drop-down menu "Return of contribution taxable in 2021" you can ignore that since the follow-up question answering this is a 2023 Form 1099-R will tell TurboTax that it will be taxable in 2022.

 

@ForeverILoveAtlanta 
 

 

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