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Since you are unable to have the excess 401(K) contribution of $350 distributed, you will be taxed on this amount twice. Once on your 2018 Tax Return and then again when you withdraw the funds in the future. Check out IRS Pub 525 for more details: https://www.irs.gov/pub/irs-pdf/p525.pdf.
You need to report the excess contributions on Line 1 of your 2018 Tax Return by following these steps in TurboTax Online:
NOTE: There is currently an e-filing issue within TurboTax related to excess contributions so you will need to mail in your return. You can check out this TurboTax FAQ for more information: Excess 401(k) Contribution Preventing E-filing.
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