Hi,
I accidentally over contributed in my 403b (pre-tax) last year. (Two different employers). I withdrew the excess amount, and the earnings last month (Before April15). But the finance company didn't provide the 1099-R, since they issued the check this year. What is the process to fix this issue?
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You need to enter a substitute Form 1099-R in TurboTax to to report the distribution in 2023 since you won't get the Form 1099-R reporting the distribution until 2024.
Thank you Mr Thomas.
Just one more question, should I deduct the excess contribution amount from the box 12 of my W2?
No, you do not make changes to your W-2.
Please note for the Tax Year 2024 tax filing due April 15, 2025:
You will receive two 2024 Forms 1099-R will be issued reporting the excess.
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