I had 2 jobs in 2023 and caught over contribution to 401K of $3,500 for 2023. I requested the refund, and got the check back 3/15/24. However, there was a $15 loss. The check they mailed me was around $3,485.
1) When I enter my Miscellaneous Other Income for 2023 taxes. What number should I be putting in as part of the excess deferral contribution? $3,500, or the $3,485?
2) In 2025, when I get my 2 extra1099 (distribution + gains/loss) forms do I ignore both of them? Considering I would have paid additional taxes due already and also the other form would be for a loss?
3) IF I don't do anything this year and wait for the 1099 to hit, do I need to amend any taxes? Both federal and California or just Federal?
I would prefer the less messy solve, so wondering if it's best to account for the payment check this year upfront or wait till 2025 to handle.
TIA!
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You will enter $3,500 as excess deferral.
Please follow the steps below:
Please note for the Tax Year 2024 tax filing due April 15, 2025:
The loss will have to be reported on your 2024 tax return:
Please see Pub 525 for additional information.
You will enter $3,500 as excess deferral.
Please follow the steps below:
Please note for the Tax Year 2024 tax filing due April 15, 2025:
The loss will have to be reported on your 2024 tax return:
Please see Pub 525 for additional information.
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