jaclyn
New Member

Where do I report a loss on an excess deferral to 401(k) ?

Turbotax identified that I contributed an excess of $910 to my 401(k) in 2018. I requested the excess to be returned from my plan administrator and was given $839.17 due to a loss of $70.39 on the investment. I was able to follow the instructions for reporting the net gain of $839.17 as additional income, however, I cannot figure out where to report the loss of $70.39. The only instruction I can find, state to report it as a negative number on line 21 of form 1040 with the description of "Loss on Excess Deferral" but in Turbotax I don't see a way to get to line 21. What steps in Turbotax do I use to report this loss? Thank you in advance for your time, energy, and effort to answer this question.