- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 20, 2023
8:27 AM