Action after 401k return of Excess contribution before tax filing due date

[wesimkhld2]

Hello,

I had an excess contribution amount of just $17.36 in 2024, which I discovered early before the filing due date then asked Fidelity to return the excess amount.

they did return in February (before the filing due date)  $18.29 to my bank account which is a total of $17.36 (code p which is 2024 extra) plus $0.93(code 8 which is the profit of this extra).

- I called my employer and HR said they would not issue a corrected W2.

- Fidelity has this information under tax information, but no 1099 R forms exist. I called Fidelity and they told me they would not issue 1099R forms.

I am doing the following in my 2024 tax (I haven't filed my 2024 taxes yet)

1-  I added the $18.29 as other income not already reported(other source of earned income.

I put in the description:

2024 Excess 401K Deferrals(17.36 code p+0.93 code 8 )

2-  I subtracted 17.36 from my W2 box 12 D so I don't have an error message that I have over-contributed (since I got the excess contributions back from Fidelity)

Is this correct, please? Please let me know if what I am doing is correct or need any change.

Thanks again for your help.

[DanaB27]

You only report the excess deferral amount on your 2024 return, the earnings are reported in the years of distribution, in your case in 2025. Yes, you reported it in the correct section and you should see it on line 1h of Form 1040.

You do not change your W-2 entry, you can ignore the warning in TurboTax since you took corrective actions.

Please see Pub 525 for additional information.