Yes, you need to withdraw the excess Prior to April 15th, 2020.
You will need to make the following entries into TurboTax for 2019 (the year you made the Excess Contributions)
You should report the excess contributions to your 401(K) by following these steps:
- Click on the "Federal Taxes" Tab
- Click on the "Income & Expenses" Tab
- Click on "I'll choose what I work on"
- Scroll down to "Less Common Income"
- Select "Miscellaneous Income" and click Start or Update
- Select "Other income not already reported on a Form W-2 or Form 1099" and click on Start
- Answer the Question "Did you receive any other wages? Yes
- Click through the questions until you get to "Any Other Earned Income"
- Answer Yes to "Did you earn any other wages?
- Indicate "Other" as Source of Other Earned Income and click Continue
- For the description enter "2019 Excess 401K Deferrals" and enter the amount, then choose Done.
Here is an IRS link with more details: Excess Deferrals to 401K
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