Retirement tax questions

Yes, if you didn't add the excess deferral to your 2021 wages with the steps below then you will need to amend your 2021 tax return and add the 2022 Form 1099-R with code P. The 2022 Form 1099-R with code 8 belongs on your 2022 tax return. 

To add an excess deferral to the wages (either follow these steps or enter the 2022 Form 1099-R with code P):

1. Login to your TurboTax Account 
2. Click "Wages & Income" (under Federal) on the left side of your screen
3. Scroll  down to "Less Common Income" and click "Show More"
4. Scroll down to "Miscellaneous Income, 1099-A, 1099-C" and click "Start"
5. Select "Other income not already reported on a Form W-2 or Form 1099" and click "Start"
6. On the "Did you receive any other wages?" screen answer "Yes" and click "Continue"
7. Continue until you get to the "Any other earned income" screen, answer "Yes" and click "Continue"
8. On the "Enter Source of Other Earned income" screen select "Other" and click "Continue"
9. On the "Any Other Earned Income" screen enter "2022 Excess 401(k) Deferrals" for the description, enter the amount and click "Done".

Please be aware, TurboTax knows to ignore the 2022 Form 1099-R with code P on your 2022 tax return, therefore it doesn't matter if you keep or delete the form on your 20222 tax return.

@j zhou