In 2023 the audit of my employer's 401K plan failed nondiscrimination test, and about $4.6K was returned to me as a distribution; consequently, in 2024 I received form 1099-R for that distribution. When I entered it in TurboTax for 2023, TT showed the following message:
I'm not sure why it mentions earnings - the field #3, "capital gain" is empty, and determining what if anything was gained on that excess contribution probably would be nontrivial task. But more important, what specifically should I amend in 2022 return?
You'll need to sign in or create an account to connect with an expert.
Your 2023 Form 1099-R with code P will have to be entered on your 2022 amended return as shown on the Form. Since the excess deferral was made for 2022 this belongs on your 2022 tax return. TurboTax will walk you through the process.
Please see How do I amend my federal tax return for a prior year?
Please see Pub 525 for additional information.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
em451
New Member
ash69919
New Member
Foolishtom
Level 3
Tr221
Level 2
Confused1231
Returning Member
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.