Thursday, December 8, 2011

Does YTD 401K amount get entered on tax return?

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! :)|||OK, here's your tiebreaker - listen to Bostonianinmo. He's correct. The 401K contribution has already been deducted from your income in box 1 of your W-2.|||You don't list anything regarding your 401(k) on your tax return unless you took a distribution from it.





You must report the interest, whether you received the funds in cash, cashed the check, or not. The funds were constructively available to you so it's fully taxable. (And BTW, you need to cash that check before it goes stale! Getting it reissued may be a hassle.)|||yes, if it's on your w2 then you need to put it on your return. whatever box # the amount is in is what box number you u put it in on your return (e-filing)





yes, you have to enter in the 1099G amount, you have to pay taxes on earned interest regardless of whether you touch the money or not.

No comments:

Post a Comment