401k excess salary deferral in 2022 but missed Apr 15 deadline

[sunnyajmera]

Hi All,

Turobtax showed me that I contributed 7891$ extra in my 401k for year 2022. Since I did my taxes on April 12, I couldn't somehow communicate this to my plan administrator and missed April 15 dealine for correcting the distribution.

I need to know what should I be doing to correect this mistake?

[Critter-3]

It is now too late to correct the error ... in the TT program when you are asked if you will remove the excess by the filing deadline simply say NO and the excess will be added back to the wages to be taxed appropriately.   Sadly when you take a distribution in the future that amount will be taxed yet again and there is no way to avoid that situation ... just the repercussions of not getting that excess contribution corrected timely. 

[sunnyajmera]

Thanks for the response, well lesson learned. found these steps in a different post, is this what I need to follow to amend my tax return

1. Login to your TurboTax Account 
2. Click "Federal" from the left side of your screen
3. Scroll  down to "Less Common Income" and click "Show More"
4. Scroll down to "Miscellaneous Income, 1099-A, 1099-C" and click "Start"
5. Select "Other income not already reported on a Form W-2 or Form 1099" and click "Start"
6. On the "Did you receive any other wages?" screen answer "Yes" and click "Continue"
7. Continue until you get to the "Any other earned income" screen, answer "Yes" and click "Continue"
8. On the "Enter Source of Other Earned income" screen select "Other" and click "Continue"
9. On the "Any Other Earned Income" screen enter "2020 Excess 401(k) Deferrals" for the description, enter the amount and click "Done".