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Retirement tax questions
The $1,024 excess deferral will be reported in your 2024 tax return as MaryK4 explained in her response.
The loss will have to be reported next year on your 2025 tax return:
- Login to your TurboTax Account
- Click "Federal" from 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 reportable income" and click "Start"
- Answer "Yes" to "Any Other Taxable Income?"
- Enter "Loss on Excess Deferral Distribution” and enter the loss as a negative number (-$30)
Please see Pub 525 for additional information.
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March 30, 2025
6:46 AM