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Retirement tax questions
Hello again.
I reached out to former employer and got their acknowledgment that 401k should not have been deducted. The solution is to have the 401k provider issue a check for the contribution and issue a 1099R for 2024.
A corrected W-2 is not looking likely. With that in mind I stared to look at the community topics.
I found on the online community forum a solution for excess contributions from minhT1 back on 4/17/2021 that provides steps how to add as Other Earned Income in Turbo Tax {2023 Excess 401k Deferral}. Most of this made sense except the box to check to correct the amount on the W-2. If Box 12 is adjusted to zero there is still the error that Box 11 is still higher than Box 1. Do I also adjust Box 11 to Box 1 amount?
Adding the Other Income updated the tax amount to the expected amount.
Thank you for your assistance!