If you didn't report the excess deferral on your 2023 return with the steps below then you will have to amend your return. You can check Form 1040 line 1h if the excess deferral was reported on your 2023 return. The earnings reported on Form 1099-R with code 8 will be reported on your 2024 tax return.
- Login to your TurboTax Account
- Click "Wages & Income" (under Federal) on the left side of your screen
- Scroll down to "Less Common Income" and click "Show More"
- Scroll down to "Miscellaneous Income, 1099-A, 1099-C" and click "Start"
- Select "Other income not already reported on a Form W-2 or Form 1099" and click "Start"
- On the "Did you receive any other wages?" screen answer "Yes" and click "Continue"
- Continue until you get to the "Any other earned income" screen, answer "Yes" and click "Continue"
- On the "Enter Source of Other Earned income" screen select "Other" and click "Continue"
- On the "Any Other Earned Income" screen enter "2023 Excess 401(k) Deferrals" for the description, enter the amount and click "Done".
Please see How do I amend my federal tax return for a prior year?
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