I listed the overage amount as indicated by Turbo tax. Don't see it on the tax form. Is this a worksheet-type entry that doesn't affect taxes?
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The return of excess must be reported on your 2017 tax return as line 7 wages. If, while while the excess was invested in the 401(k), the investment had any earnings then those earnings must also be returned. The 401(k) administrator must figure out the earnings, if any. They will report the return of contribution on a 2018 1099-R with a code P in box 7 to report on your 2017 tax return and a separate 1099-R with a code 8 in box 7 to report the earning (if any) on your 2018 tax return next year.
You do not need the 1099-R with the code P to enter that part of it now, if you know the amount and you can ignore the 1099-R with the code P when it comes in 2019.
The return of excess must be reported on your 2017 tax return as line 7 wages. If, while while the excess was invested in the 401(k), the investment had any earnings then those earnings must also be returned. The 401(k) administrator must figure out the earnings, if any. They will report the return of contribution on a 2018 1099-R with a code P in box 7 to report on your 2017 tax return and a separate 1099-R with a code 8 in box 7 to report the earning (if any) on your 2018 tax return next year.
You do not need the 1099-R with the code P to enter that part of it now, if you know the amount and you can ignore the 1099-R with the code P when it comes in 2019.
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