I have regular job where I max out my 403b contribution. I have a moonlighting gig where I work sporadically. Unbeknownst to me, they auto-enrolled me in their 401k plan so because of this I have @$341 in excess contributions for 2022. I just discovered this (didn't look at w2 until yesterday when I started taxes). I called the plan and they said they could send me the money, etc, etc. I'm assuming I'll get a 1099-R in 2024 for TY2023 for the income.
Turbo Tax alerted me to the excess contribution and said:
"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'm a little uncomfortable making up a 1099 for 2022. Can't I just wait until next year and report the income in TY2023 using the 1099-R. Do I need to make up the 1099 with code P and all that for TY2022?
