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ThoengB88
New Member

I am sole-proprietor and have 1099-NEC income that I contributed to solo-401k in Dec 2024. It will be Excess contribution since I wasn't supposed to contribute.

For easy numbers, let's say, I have 1099-NEC box 1 for $10k. From this $10k, I contributed $9k to my Solo 401k. Excess contribution $9k will be returned to me from my brokerage before filing tax is $9000.50. (with $0.50 interest). In Turbotax, for my 1099-NEC income, I need to put $10k because it is what is said on the 1099-NEC form. I read solutions for similar situation (but for W2) that they have to add this excess contribution as "Other income not already reported on a form w2 or form 1099". But, for my situation as a 1099, the excess contribution of $9k is already included in the 1099-NEC. Could you please advise on how to report this Excess contribution (1099-NEC income) on my 2024 tax? Also, if there is interest (most likely less than $1), where should I report, too? Thanks in advance!
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