In 2018, I over-deferred to a 401(k) due to having two employers that year.
I corrected the problem and had the excess returned in February 2019.
I followed TurboTax's instructions on the 2018 Federal return and declared the excess deferral amount as income for 2018 according to the instructions.
This year, I received a 1099R with a code P for the excess amount listed in both Box 1 (Gross Distribution) and Box 2a (Taxable Amount). The amount listed on this form is greater than the 2018 excess deferral amount which I assume is earnings.
The amount returned to me from the 401(k) company was only the excess 2018 deferral amount and did not include any earnings. I never received a check for the earnings piece.
Turbo Tax's instructions state that I can ignore the 2019 1099R since I already declared the income on the 2018 return.
Do I still need to list the 1099R form on my 2019 return AND how do I account for the difference in the amounts, i.e. what I assume is earnings?
