I have to report an excess contribution for my 2016 taxes. When reading through the instructions I was directed to use code p in box 7 -the explanation for code P refers to excess contribution which is taxable for 2015 - should I really use code p or should I use code 8 which refers to 2016 taxable income?
Code P is for excess contributions to a 401K, so use code P. The IRS also receives a copy of your 1099-R and will be matching the information on your 1099-R to the information on your 2016 tax return, so input exactly what is on your 1099-R.
