1099-R distribution code 8 - return of contribution taxable in what year?

[looking4advice]

Hi Folks,

I was considered a highly compensated employee at my company and was issued a mandatory refund in June 2022 of some of my 401(k) contributions for 2021. Similarly I received a mandatory refund in February 2023 of some of my 401(k) contributions for 2022. Each of these refunds came with a 1099-R with the "Calendar Year" box matching the year I was issued the refund. Note that my W2s each year indicate that I made the maximum 401k contributions (box 12, code d).

Am I correct I should only enter in the 1099-R in to turbo tax for the tax year in which I received the refund? For example, the refund I received in calendar year 2022 (for tax year 2021) should be added to my 2022 tax return?

And there is no need to amend my 2021 tax return?

Thank you in advance.

[Mike9241 · Accepted solution]

the year on the 1099-R is the year for reporting. code 8 on 2022 1099-R

8—Excess contributions plus earnings/excess deferrals (and/or earnings) taxable in 2022.