DanaB27
Expert Alumni

Retirement tax questions

The instructions apply to a 401(k) excess deferral only and not Roth 401(k).

 

To report the excess deferral on your 2024 tax return you either enter a 2025 1099-R with code P or follow the steps I provided above. Both methods will result in reporting the the excess deferral in line 1h. Generally, customers find it easier to enter it with the steps I provided since they sometimes don't know the payer's TIN.

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