Excess 401k contribution in 2024 - Does W2 needs to be corrected

[Tax_right]

I have overcontributed to my 401k in 2024 by $3,000 due to having 2 employers. I have earned $10 on the deferral. I have contacted my 401k administrator. They corrected the issue and returned the excess contribution of $3,000 and $10 gain attributable to the excess contribution prior Apr 15, 2025.

I have adjusted the information on my W2 this way:

1. I have added $3,000 to my Federal Taxable Wages in Box 1
2. I have taken out $3,000 from Box 12 (elective deferrals to qualified plans)
This then showed as income on my 1040 under line 1a and this way I am including the excess deferral in my income. 

I anticipated that my employer would issue a corrected W2 to reflect the above. However, they did not.
Is this OK then to report it in TurboTax this way? If not, do I have to amend my tax return to report it differently?

I realize that the gain of $10 will be reported in my miscellaneous income when I file 2025 taxes based on 1099 R I will receive. 

[RobertB4444]

This is not the correct way to report it although this did get to the correct bottom line.

The IRS has a copy of your W2 and the information that you entered will not match.  So you may receive a letter from the IRS asking about the changes to your W2 that were not on the form.

If you do receive this letter you should submit an amended return that will show all of the numbers on your W2 exactly as they appeared.  Then the system will ask about the excess contributions and you will say that you pulled them out before the due date of the return so the additional $3,000 is added to your income and the correct amount is attributed to the 401K.

If you never receive the letter then don't worry about it.  The bottom line was the same and you got everything to the correct spot.

Either way when you get the 1099-R in 2025 report it exactly as you receive it but change the taxable amount to the $10 in earnings.  That way it will report correctly next year.

@Tax_right