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!
posted
last updated
March 07, 2025
3:55 PM