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Asked 1/19/2009
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This is the first year we have had 401K. Do I file something in my taxes? We have not withdrawn anything from either of our 401K plans. How, or do I even, file the 401K information in my tax return? |
Answer 1/2 - Submitted 1/19/2009
You don't need to claim anything for it until you start withdrawing. The money comes out pre-tax so you shouldn't be taxed for that portion of your income. This is usually reported on box 12 of your W-2 and you only pay taxes on it once you start withdrawing. Because it is not income, you do not report it on your 1040.
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