Thursday, December 8, 2011

Does employer 401K YTD get entered on tax return if NOT touched at all?

W2 shows YTD (year to date) amount in 401K. Does this info get entered anywhere on a basic tax return? Or -- do you only have to worry about entering 401K info IF you withdraw the money. I read something about not having to pay taxes on amount til you touch any of it which I HAVE NOT. I just want to make sure IF I have to enter amount built up in 401K for the 08 tax year and if so - where? Please help?





Also I got a 1099-G (I live in NY) for interest bearing account from the security deposit for rent given to my landlord. I have not cashed the check for the interst so does the amount of the 1099G have to be entered if I am only earning interest but not getting the money?





Pls help!!! Time is running out! :)





Problem thus far is I read yes and then I read no - some say not if not touched not taxed and others say it gets entered on the same line it is in on the W2 (it's not in a box though - it's up on top listed by exemptions) and some say list it on line 28. Does anyone know 100% for sure the answer. Maybe some people enter it but it has no effect on the taxes -- some say W2 already reflects the info so it need not be entered on the return as well.





HELP!|||For the 401K, no you don't show it on your tax return until you withdraw some of it. Your contribution is already out of box 1 on your W-2.





If you got a 1099, whether you cashed the check or not, you have to declare it on your return. But I'd think it would be a 1099-int, not a 1099-g.

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