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how to report W-2 Box 12 elective 401K deferral for current and make-up elective deferrals prior year

My W-2 box 12 has two different elective 401K deferrals. D22 3357 which was retroactive/make-up elective deferrals for tax year 2022 and D 30,000 (max allowed in 2023 for employees over 50 years old. Both these contributions are applicable to my 2023 W-2 wages which is reflected in Box 1 (i.e. my taxable wage) which is 33,357 less than Box 3 (i.e. Medicare wages which equates to Gross Income). Turbo tax has no method for me to code D for prior tax year. If I enter 2 different D than Turbotax returns with error message telling me I have two identical code D entries. If you add the two amounts together then it will also erroneously appear as if there was an excess contribution for current tax year. If I omit the D22 amount, then I get an error regarding amount showed for my taxable wages in Box 1 and Box 3 do not look correct (i.e. the data entered on the W-2 form must show exactly why a portion of Gross Wages was not taxable which is done using the various codes in Box12).   Although TT home and Business desktop version allows you to enter "additional information sheets" this information is never transmitted to IRS and simply acts as notes for the tax-payer.   Is there any solution for this issue other than printing out all my tax forms and hand-writing in the code. There should be something somewhere in the tax program to account for retroactive retirement deferrals for a prior tax year, it is in the tax code/regulations and the information is on my W-2. I would deeply appreciate some assistance with this matter

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1 Reply
dmertz
Level 15

how to report W-2 Box 12 elective 401K deferral for current and make-up elective deferrals prior year

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