1099-R with code P received in 2023. Should I ammend 2022

[prjn]

I switched jobs in 2022 and due to some mixup ended up over contributing to 401k by $5k in 2022.  I called Fidelity and corrected this and got a check for refund for this amount by March 2023. However I did not receive any 1099 / corrected w2 for this in 2023 so I was asked to wait until I get the forms in 2024. I got a new 1099-R form in 2024 with the following details.

1. Gross distribution - 5k. 

2a Taxable amount - $5000

3 Capital gain - 0

7 Distribution code P

Year 2023

I entered these in Turbotax while filing taxes 2023 and was asked to amend my 2022 returns. I am confused on reading various posts. What should I do about this now ? Given that I entered this form in 2023, was this $5000 considered for taxes in 2023 ? Or Should I amend my 2022 taxes and enter the  same 1099R and refile ? 

[dmertz · Accepted solution]

You should have already included this $5,000 on your 2022 tax return as an excess deferral and been taxed on it.  If you did, there is no need to amend.  Otherwise, amend your 2022 tax return by entering the code-P 2023 Form 1099-R into 2022 TurboTax and, when asked, indicate that it's a 2023 form.

[prjn]

Thank you for the response. I checked my 2022 returns and I am not able to understand if this 5k was included as taxable income or not. I dont remember what I did last year. Do you know which line items in 1040 can help me find that ? I have copies of both the tax filed and the turbotax file with me.  Is there any specific section I can check in those to find this ?

[dmertz]

If already reported, it should be present on 2022 Form 1040 line 1h.