I have a similar issue---- I over contributed to my 401K by 420.00 in Dec 2017 then 10 days later took out the excess Jan 2018.
When I did my 2017 taxes I entered the following:
Total 1099-misc income on my schedule C (this included the 420.00 excess amount that I had erroneously contributed) .
For my 401K contribution I entered the amount I contributed After I removed excess
i.e. * I did NOT enter the original amount I contributed prior to the withdrawal.
I had initially attempted to enter the original amount I had contributed, but when I did so I got an error message stating that the contribution was too high, which I already knew and was the reason why I had taken out the excess.
On my 2017 taxes, I did not enter the excess 420.00 as other income, but rather included as part of my 1099-MISC income since this was where it was originally derived.
I got a 1099-R for the excess contribution in 2018 Box 1 has 420 listed all other boxes are blank except box 7 which has a P.
I am uncertain if I did this correctly or if I have to submit anything to correct this. Any advise??
