Hello! I've entered my 1099-R, which was a return of contributions, so the full amount is taxable and box 2 is completed with the correct amount. The amount is listed as income in line 1h on my 1040 as well. Fed tax was withheld and entered in the 1099 form. When I run the review, one of the cautions is that the withholding is more than the taxable amount - I believe it's saying the distribution is non-taxable. I look at my 1099R Summary form, in the "Taxable" section - it's listed in there. Given that the amount is shown on my 1040 as income, I'm inclined to ignore the warning, but just wanted to see if anyone else has experienced this, or if there is something else I should be looking at? Thanks for any input...
You'll need to sign in or create an account to connect with an expert.
To clarify, was this a return of an excess contribution in 2022 or 2023?
Hi there - it was 2022 excess, returned to me in 2023.
To confirm, this was an excess deferral to a retirement account. Does your 2023 Form 1099-R show code 8 for the earnings received on the 2022 excess deferral?
Yes, you can ignore the warning.
Please see Pub 525 for additional information.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
HL14
New Member
shiyi11
Level 2
Richard137
New Member
Normanroad
New Member
MojoMom777
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.