401k overcontribution: Where to Indicate that this is a 2023 Form 1099-R when I'm doing a 2022 tax return

[xiaochong2dai]

Hi, I'm preparing for the 2022 tax return. I have 401k overcontribution for the year 2022. Based on the instruction, it says: 

1. Report the excess deferral on your 2022 return in the Income section for ** Retirement Plans and Social Security ** whether or not you received a Form 1099-R before you file your return. Enter as much information as you can. Report the excess deferral amount in boxes 1 and 2a, and use code P in box 7. Indicate that this is a 2023 Form 1099-R.

2. In 2023, you will probably receive two Forms 1099-R. One reports the excess deferral amount. The other reports the earnings on the excess deferral. Enter both of these forms in your 2023 return, and we'll only add the earnings to your 2023 income.

I'm entering a 1099-R form for 2023 even though I don't have it yet, where can I indicate this is a 2023 form 1099-R?

The other question is the payer's TIN, I don't have the TIN yet, should I contact them to get the TIN for the 1099-R I haven't received?

Thank you! 

[DanaB27]

Yes, you can enter a 2023 Form 1099-R with code P (you would need to contact the payer for TIN, TurboTax will ask in the follow-up questions if it is a 2022 or 2023 Form 1099-R) or follow the steps below to report the excess deferral (might be easier):

1. Login to your TurboTax Account 
2. Click "Wages & Income" (under Federal) on the left side of your screen
3. Scroll  down to "Less Common Income" and click "Show More"
4. Scroll down to "Miscellaneous Income, 1099-A, 1099-C" and click "Start"
5. Select "Other income not already reported on a Form W-2 or Form 1099" and click "Start"
6. On the "Did you receive any other wages?" screen answer "Yes" and click "Continue"
7. Continue until you get to the "Any other earned income" screen, answer "Yes" and click "Continue"
8. On the "Enter Source of Other Earned income" screen select "Other" and click "Continue"
9. On the "Any Other Earned Income" screen enter "2022 Excess 401(k) Deferrals" for the description, enter the amount and click "Done".

If you receive the distribution of the excess deferral and earnings by April 15th then please note for the Tax Year 2023 tax filing due April 15, 2024: 

2023 Forms 1099-R will be issued reporting the excess.

• Form 1099-R with code P in box 7 can be ignored if you reported the excess as described above in 2022. 
• However, the earnings on Form 1099-R with Code 8 in box 7 should be reported in 2023.

Please see Pub 525 for additional information.

[xiaochong2dai]

Thank you so much @DanaB27  for the detailed steps! Glad to know both ways work!

If I can get the payer for the TIN, based on what the instruction on TurboTax says:

```

In 2023, you will probably receive two Forms 1099-R. One reports the excess deferral amount. The other reports the earnings on the excess deferral. Enter both of these forms in your 2023 return, and we'll only add the earnings to your 2023 income.

```

The other way you just provided says once I get the 1099-R form in the year 2024, I can ignore the Form 1099-R with code P in box 7:

• Form 1099-R with code P in box 7 can be ignored if you reported the excess as described above in 2022. 

Am I supposed to treat the Form 1099-R with code P in box 7 differently (most likely I'll get it on Jan of 2024, differently I mean ignore it or still report it, even though I guess report doesn't mean will be added to 2023 income 🙂 ) depending how I report it now (ask payer for TIN, report the excess deferral amount in boxes 1 and 2a, and use code P in box 7 VS the 9 steps you just mentioned)?

Thank you so much!

[DanaB27]

No, you don't treat it differently. Entering a 2023 Form 1099-R with code P on your 2023 tax return wouldn't do anything to your 2023 tax return. It belongs on your 2022 return but if you reported it already by either entering a 2023 Form 1099-R with code P or my steps then you don't need to amend your 2022 tax return and can ignore that 2023 Form 1099-R code P.

@xiaochong2dai