Comments on: 401(k) and taxes?

By: engineer50

engineer50 — Sat, 27 Feb 2010 12:23:59 +0000

They are asking if you WITHDREW money from a retirement account. If you didn't, the answer is no.
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By: virgilio_pinto

virgilio_pinto — Sat, 27 Feb 2010 11:47:59 +0000

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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By: rtfm

rtfm — Sat, 27 Feb 2010 11:23:59 +0000

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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By: Shawn M

Shawn M — Sat, 27 Feb 2010 10:47:59 +0000

The answer is no, that question will only be if you actually withdrew money from your 401k plan.
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By: Wayne Z

Wayne Z — Sat, 27 Feb 2010 10:27:59 +0000

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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