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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