You can ignore the warning since you took corrective actions and you don't get a penalty calculated for an excess deferral (but if you don't take it out by April 15th then you are taxed twice).
You will see the excess deferral added on line 1h of Form 1040.
If you receive the distribution of the excess deferral and earnings by April 15th then please note for the Tax Year 2023 tax filing due April 15, 2024:
Two 2023 Forms 1099-R will be issued reporting the excess.
- Form 1099-R with code P in box 7 can be ignored since you reported the excess as described above in 2022.
- However, the earnings on Form 1099-R with Code 8 in box 7 should be reported in 2023.
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