Hi, I noticed excess contributions to my 401K due to a job change when preparing my 2023 taxes in April. TurboTax advised to "Report the excess deferral on your 2023 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 2024 Form"
I just requested the return of excess contributions with Fidelity Investments. The problem I have with entering it as TurboTax advises is that adding a 1099 requires a mandatory TIN for the payor, which I do not have yet. I called Fidelity Investments and they said I will receive it when I get the 1099-R later in 2024, but need to submit taxes before I get it. What should someone put for the TIN for the payor of a future 1099-R before receiving it?
You'll need to sign in or create an account to connect with an expert.
You must include the excess deferral in your wages in the year the excess deferral happened.
Another option to enter the excess deferral is following the steps below:
If you receive the distribution of the excess deferral and earnings by April 15th then please note for the Tax Year 2024 tax filing due April 15, 2025:
Two 2024 Forms 1099-R will be issued reporting the excess.
Please see Pub 525 for additional information.
You must include the excess deferral in your wages in the year the excess deferral happened.
Another option to enter the excess deferral is following the steps below:
If you receive the distribution of the excess deferral and earnings by April 15th then please note for the Tax Year 2024 tax filing due April 15, 2025:
Two 2024 Forms 1099-R will be issued reporting the excess.
Please see Pub 525 for additional information.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
FrauStachowski
Level 2
hkg5
Level 1
testmarie2
Level 2
dhannum
New Member
cmancero
New 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.