I am really confused. I’m doing my own taxes, because I’m cheap and want to save $100. I am having trouble with the following questions online:
Did you withdraw or receive distributions or payments from:A retirement plan such as an IRA, Roth IRA, or 401(k) in 2005 or 2006?
A retirement plan such as an IRA, Roth IRA, or 401(k) between January 1, 2008, and the due date, including extensions, of this return?
A 404(k), 414(h), or other non-contributory plan as reported on Form 1099-R?
All I know is that I’m enrolled in 401k at work, and according to my W-2′s for 2007 there is a code, an amount less than $500, and the box is checked that says retirement plan. Do I have to say yes to question one? And why are they asking about 2005 and 2006? UGH HELP!!!!!!!!!!!!
No.
You only check yes if you took money out of a retirement plan.
It sounds like you are putting money in to a retirement plan (which is a good thing).
You must be working on the Retirement Savings Credit. People who took money out of a 401k or IRA in 2005, 2006, or 2007 have their credit limited or eliminated altogether. That is why it is asking about 2005 and 2006.
No.
You only check yes if you took money out of a retirement plan.
It sounds like you are putting money in to a retirement plan (which is a good thing).
You must be working on the Retirement Savings Credit. People who took money out of a 401k or IRA in 2005, 2006, or 2007 have their credit limited or eliminated altogether. That is why it is asking about 2005 and 2006.
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The answer is no, that question will only be if you actually withdrew money from your 401k plan.
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The questions ask did you *withdraw* or *receive distributions from* your retirement plans. In other words, did you collect any money from them?
These questions are NOT asking what your contributions were.
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This is what those questions mean: Only if you have taken money out of the 401K that you need to report.
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They are asking if you WITHDREW money from a retirement account. If you didn’t, the answer is no.
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