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After you enter your information for the Form 1099-R with code P you will need to click "continue". Continue until you get the "Which year on Form 1099-R" screen and select that this is a 2024 Form 1099-R.
Instead of entering a Form 1099-R you can follow the steps below to report the excess deferral:
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:
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.
Please see Pub 525 for additional information.
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