You'll need to sign in or create an account to connect with an expert.
To confirm, you only entered your W-2, which shows the TSP contribution in box 12 and you did not enter it anywhere else?
To clarify, are you getting the message that you had an excess deferral?
If yes, you must include the excess deferral in your wages in the year the excess deferral happened.
Please follow the steps below:
If you receive the distribution of the excess deferral and earnings by April 15th then please note for the Tax Year 2024 tax filing due April 15, 2025:
Two 2024 Forms 1099-R will be issued reporting the excess.
Please be aware, if you do not take out the excess amount by April 15th, then you are taxed twice on the excess deferral left in the plan. This happens once when you contribute it and again when you receive it as a distribution. You can't include the excess amount in the cost of the contract even though you included it in your income.
If this does not answer your question then please provide more details and we will be happy to assist you.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
nativi81
New Member
ColoRock
Level 1
shaunone1
New Member
simplyquigley
New Member
hynrel53
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.