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What if I have a 401(k) excess deferral?
by TurboTax• Updated 1 week ago
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:
- Wait until next year when you receive the 2024 Form 1099-R and amend your 2023 tax return.
- 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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