late excess deferral correction

I am confused regarding correcting an excess 2020 deferral post 4/15. 1.) Does being taxable in the year of deferral imply issuing a 2020 1099R for the excess(if so what would be the codes?)or rather making sure the 2020 return includes the excess in wages? 2.) Do we wait and distribute the excess until otherwise distributable or distribute currently with earnings ? If distributed currently, is the correct code E?  

Draper 55, you mean an excess deferral under 402(g), right, i.e. the individual contributed more than $19,500 (> $26,000 if 50 or over)? In that case, if distributed after April 15 it's taxed twice, for both 2020 and 2021 (earnings only in 2021).

14 hours ago, Luke Bailey said:

if distributed after April 15 it's taxed twice, for both 2020 and 2021

I think that is the crux of the question - if there is no distributable event, then generally you have to wait until it is distributable and in fact distributed.  At which point it is just money - part of any distribution, and taxed.  It will have been taxed already in 2020 through the mechanics of filing the tax return; there is no special reporting (i.e. someone deferred 21500 and could only do 19500 - they adjust their taxable income to add 1000).

Maybe EPCRS has a provision allowing a distribution after 4/15/21 but I think it is only available in the first year?  I haven't had to do it so that is just a vague recollection.