No, you do not make changes to your W-2.
Please note for the Tax Year 2024 tax filing due April 15, 2025:
You will receive two 2024 Forms 1099-R will be issued reporting the excess.
- Form 1099-R with Code P in box 7 can be ignored if you reported the excess as described above in 2023.
- However, the earnings on Form 1099-R with Code 8 in box 7 should be reported in 2024.
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