Do you have to declare 401(K) contributions on your tax returns? if so, where can you?

Answer 1

The contributions are taken out of your taxable wages, they are neither taxable income on your 2006 return or a deduction.

You may be entitled to the
Retirement Savings Contributions Credit

If you or your employer make eligible contributions (defined later) to a retirement plan, you may be able to take a credit of up to $1,000 (up to $2,000 if filing jointly). This credit could reduce the federal income tax you pay dollar for dollar.

Can you claim the credit? If you or your employer make eligible contributions to a retirement plan, you can claim the credit if all of the following apply.
You are not under age 18.

You are not a full-time student (explained later).

No one else, such as your parent(s), claims an exemption for you on their tax return.

Your adjusted gross income (defined later) is not more than:

$50,000 if your filing status is married filing jointly,

$37,500 if your filing status is head of household (with qualifying person), or

$25,000 if your filing status is single, married filing separately, or qualifying widow(er) with dependent child.

Read more at http://www.irs.gov/publications/p571/ch10.html


http://www.irs.gov/pub/irs-pdf/f8880.pdf

Answer 2

No, 401(k) deferrals were subtracted from the income shown in box 1 on your W2 form. They've already been deducted so you don't need to do anything to further account for them.

Answer 3

The 401k is tax-deferred. this signifies that you do not pay earnings tax on any of it till you withdraw money. you do not report some thing on your tax go back till you withdraw money. Your W2s will educate the quantity of 401k contribution in container 12. enter this into TurboTax, besides the undeniable fact that it gained't impact your go back till you have become the Savers credit (earnings decrease than $50K for MFJ). no want to purchase the improve to TurboTax, the low-cost version will do on your purposes.

Answer 4

no, you dont have to report contributions. these are not taxable and not included in your taxable wages.