401 k tax question? | 401k Questions

Question

Asked 2/25/2007

401 k tax question?

I"m working on my income taxes and have two questions.
First of all do I report the money in my current 401 k plan, if so where, i"m using 1040 A form ?
Second question, I compeleted a 401k rollover from my old job to my current job. I got a 1099-R form, $ shows up as a gross distibution no federal income tax was withheld, rolled right over, how do I report that money which line on the 1040 A form ?

Answers

Answer 1/3 - Submitted 2/25/2007

You do not report the accumulation or contributions to your 401k plan on your tax return.

To report the rollover using Form 1040A, enter the data from the 1099R exactly as shown into your software. If you do the return by hand, list the rollover amount on Line 12a of the 1040A and put the word "rollover" next to the amount. Enter "0" on Line 12b.

Answer 2/3 - Submitted 2/25/2007

If you deferred to your 401(k) plan via payroll (they took it out of your paycheck), then you need not report anything. You've already received the tax benefit There should be nothing else to report on your 1040A.

Concerning your rollover, if you did it within the proper time frame and rolled it over to a qualified plan, then I think you are fine. One of the boxes should say "taxable distribution". If there is nothing in there, you should be good.

(As a note, people who withdraw from their 401(k) plans have to pay income taxes and penalties on the withdrawal.).

Answer 3/3 - Submitted 2/26/2007

You do not report your 401(k) plan contributions on your tax return.

You can report the gross distribution from your 1099 on Form 1040A line 12a. You put 0 as the taxable amount on line 12b.

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