401(k) and taxes?
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.
Filed under: retirement plan distributions
February 27th, 2010 at 10:27 am
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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February 27th, 2010 at 10:47 am
The answer is no, that question will only be if you actually withdrew money from your 401k plan.
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February 27th, 2010 at 11:23 am
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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February 27th, 2010 at 11:47 am
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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February 27th, 2010 at 12:23 pm
They are asking if you WITHDREW money from a retirement account. If you didn’t, the answer is no.
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