All, I have been researched other websites for answer and came across this from TaxAct.com. Please go to this link:
<a rel="nofollow" target="_blank" href="
https://www.taxact.com/support/1210/2018/form-1099-r-code-p-excess-contributions-401k">https://www.t...>
"Code P indicates that the taxpayer contributed more than allowed to a 401k, IRA, etc. (through payroll withholding), and must include the excess contributions as income for the year in which the contributions were made. If the excess contributions have not already been claimed in that year, the return would need to be amended to include the excess distribution as income.
If the taxpayer has already included the excess contribution on their tax return of that year, they would not need to do an amended return, and can ignore the Form 1099-R received in the current year.
See Form 1099-R Instructions for Code P for more information.
To avoid the need to amend the return a year after the fact (if you already know you will be receiving a Form 1099-R next year with a Code P), include the data in the tax return in the current year with a Code 8. You can then ignore the Form 1099-R with the Code P when you receive it a year later. Code 8 indicates that the amount is taxable in the tax return you are currently working on, and Code P indicates the amount is taxable in the prior tax year."
I believe there are two solutions to this:
1). Report as "Miscellaneous Income" as suggested above.
2). Follow the TaxAct's advice and file a 1099-R and enter code 8 and amount on box 1a and 2 of the 1099-R you will receive from your 401K administrator. You can call them for payer ID and they should provide one to you. The actual amount may not be exactly as you have exceeded because gained and losses. File this along with your 2018 tax return as suggested above.
As far as the TurboTax printed form not including the 1099-R or mentioned anywhere about the excess return for income deferral. Actually the form is there after you filled it out. It's hidden.
1) Click on the "Forms" at the upper right hand corner right next to the state tax you own amount.
2) This will take you to all the detail paper work behind the user interface.
3) Click on the "Open Form" and expand the federal tax and search for 1099-R
4) There should be a 1099-R form you had filled out. Open it and save or print as PDF
5) Finally print the 1099-R and your final tax
All the above were just my personal opinion. Since I am not tax account. Please use it at your own risk.
Best Luck!
