401K overcontribution

[ek677]

I accidentally over contributed to my 401K in 2024, the plan would not let me remove it in 2024 only in 2025.  I got the money before April.  I dont have a 1099 form but i found in another turbo tax post how to enter the payment in 2024 taxes as other earned income.  The plan did remove taxes from the amount returned to me.  When and where do i enter the taxes withheld?  Do i enter that in 2024 taxes as i am entering the income or enter it next year?

please provide details instructions. 

Thanks

EK

[DanaB27]

You will enter the withheld taxes next year on your 2025 return when you get the 2025 Form 1099-R since the withholdings are reported in the year that the tax was withheld. 

You must include the excess deferral in your wages in the year the excess deferral happened. All you need to do next year add the 2025 Form 1099-R.

Please follow the steps below in your 2024 return to add the excess deferral on line 1h of Form 1040:

1. Login to your TurboTax Account 
2. Click "Wages & Income" (under Federal) on 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 "2024 Excess 401(k) Deferrals" for the description, enter the amount and click "Done".

Please see Pub 525 for additional information.