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Solved

403 excess contribution reporting, nongovernmental

Forum|Forum|1 year ago
February 25, 2025
1 reply
0 views

Hello

I had an excess contribution to 403b , nongovernmental in 2023. I got a check for the excess amount 960 dollars before April 15 2024. I reported it no my 2023 taxes as a 1099 R with code P. In January 2024 I got two 1099R , one for 900 dollars with code P, and the other for 60 dollars with code 8.

Do I need to amend my 2023 return?

How do I report this in TurboTax?

Do I need to add both to my 2024 return or just the one with code 8?

Thanks

Best answer by dmertz

The code-P 2024 Form 1099-R is for the $900 excess, the code-8 2024 Form 1099-R is for the $60 of earnings attributable to the excess. Only the $900 was reportable on your 2023 tax return. The $60 is required to be reported on your 2024 tax return. You'll need to amend 2023 to remove the $60 (changing the amount included in income from $960 to $900) if you don't want to be double taxed on the $60.

dmertzAnswer

Employee

The code-P 2024 Form 1099-R is for the $900 excess, the code-8 2024 Form 1099-R is for the $60 of earnings attributable to the excess. Only the $900 was reportable on your 2023 tax return. The $60 is required to be reported on your 2024 tax return. You'll need to amend 2023 to remove the $60 (changing the amount included in income from $960 to $900) if you don't want to be double taxed on the $60.