@DanaB27 thank you for all the detail you provided, BUT sorry a question. I am in the situation as the poster, changed jobs and over contributed.
I have already filed with my administrator for a refund of the excess amount, and they will be withholding taxes.
I understand your instructions, but I think this conflicts with what the Turbo tax told me when it told me I had an excess deferral. It said to report it as a 1099-R (if I was going to receive before 4/15) and in box 7 select P to indicate this is a 2023 Form 1099R. I came here because P in box 7 was talking about 2021, not 2022 and I was confused. Below is what Turbo tax had under what steps do I need to take:
1. Report the excess deferral on your 2022 return in the Income section for Retirement Plans and Social Security whether or not you received a Form 1099-R before you file your return. Enter as much information as you can. Report the excess deferral amount in boxes 1 and 2a, and use code P in box 7. Indicate that this is a 2023 Form 1099-R.
2. In 2023, you will probably receive two Forms 1099-R. One reports the excess deferral amount. The other reports the earnings on the excess deferral. Enter both of these forms in your 2023 return, and we'll only add the earnings to your 2023 income.
I think I am trusting you more than them 🙂 But any guidance would be appreciated.
Thanks
Kimberly
@DianeW777
