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Incorrect 1099-R Codes
In 2022, I overcontributed to my employee 401k and 457b employer sponsored retirement plans, but didn't realize it until I was doing my taxes for 2022 in 2023. I alerted the plan and the principal and interest was distributed to me ($21 principal and $1.21 interest for each of the plans), however I neglected to inform them that the withdrawal was due to an over-contribution. Using the advice of TT, I listed the $42 over-contribution on my 2022 return using the "file a distribution without a 1099-R". For 2023, I received a 1099-R from each fund, and because I neglected to inform the plan when I took the distribution, the total distribution in Box 7 has a "P" code. How do I account for this on my return (and the amount of the 1099-R is for the principal and interest). I believe I should be paying tax only on the interest from both funds which totals $2.42? thanks so much for your assistance. Steve