Excess deferrals to my 401k in 2023.

[thomasandros]

I had excess deferrals to my 401k in 2023. I notified the plan administrator and was given a check for the excess deferral, before April 15.  I've corrected my tax return to show the excess deferral as earned income.  This all seems to be OK.

But, how can I show on my turbo tax return that I contributed no more than the maximum allowable amount to my 401k in 2023?  Correcting the number in box 12b of my W-2 does not seem to be the answer, since the IRS has a copy of the W-2.

[MarilynG1]

If you received a 2023 401(k) excess deferral distribution in 2024, you'll receive a 2024 Form 1099-R with a distribution Code P in box 7; however, it must be included on your 2023 tax return. You have two options to do that:

1. Wait until next year when you receive the 2024 Form 1099-R and amend your 2023 tax return.
2. Report it now on your 2023 return and ignore the 2024 1099-R when it comes next year.
   • If your 2024 Form 1099-R has an amount in box 4, Federal tax withholding and/or box 14 State withholding, then you must enter it on your 2024 tax return. The 2023 Code P won’t affect your return, but the withholdings will be applied to 2024.

Select your choice below and follow the instructions.

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Amend your 2023 return

Report it on your 2023 return before filing