You will not have to report this on your 2023 tax return since you have opted to report it on your current return. Keep all of your paperwork with your tax documents.
You have two options for how to resolve your excess 401(K) deferrals:
- 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 here for additional information of excess contributions.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
