I had made excess 401K contribution in 2015.
The money was refunded in 2016 and I received a 1099-R saying this is taxable amount.
When I prepared 2015 return, would TurboTax have caught & disallowed this excess contribution and included in my income anyways?
In other words, do I have to amend 2015 tax return?
Thanks.
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A code "P" indicates that you had an excess 2015 deferral returned in 2016. That is taxable in 2015 which will require an amended 2015 tax return to report it.
https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed
https://ttlc.intuit.com/replies/3288565
A code "P" indicates that you had an excess 2015 deferral returned in 2016. That is taxable in 2015 which will require an amended 2015 tax return to report it.
https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed
https://ttlc.intuit.com/replies/3288565
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