If you removed the 2024 excess deferral in 2024, your 2024 Form 1099-R should have code 8 in box 7. Income earned on an excess deferral will also be reported on Form 1099-R with code 8.
Code P is issued when you remove the 2024 excess in 2025 by April 15.
You only need to enter the Form 1099-R and TurboTax will add it to your wages and report it correctly on line 1h on Form 1040.
Please see Pub 525 additional information.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
