I opened and contributed solo 401k in Dec 2024. But my business was at loss. I am requesting Excess Contribution Removal from my brokerage.

[ThoengB88]

How to report in TurboTax, if needed, the excess contribution in Dec 2024 and the Excess Contribution Removal (Distribution?) that would probably be completed March 2025? Do I need to submit any forms to IRS? I am a sole-proprietor 1099. Thanks in advance!

[MaryK4]

If you remove the excess contribution before the due gate of your tax return, you will not have to pay any penalty.  Your trustee will send you a 1099-R for 2025 which will have any income that was earned while the excess was in the account, which you will report on your 2025 tax return.