I made excess contributions to my 2024 401K in the amount of $1144. I have requested a return of excess contributions and received a check for 1343 (1144 excess + 199 in gains) I was told I would not receive a 1099-R for the 2024 tax year to reflect this deferral but would receive it in 2025. Fidelity Net Benefits is the administrator. Under payment activity I see the following
Payment Date: FEB 2025 | Taxable amount: $1343 | Non-Taxable Amount: $0 | distribution code: E
My main questions are:
- How do I report the excess contribution as taxable income for 2024.
- Do I need to report 1343 or 1144. I read elsewhere that I only report the excess for 2024 and report the gains as income in 2025. But It looks like Fidelity is going to report it all in one sum? I should note that I do not have an official 1099-R from them so I don’t know what it will end up having
