401 k tax question?

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 ?

Answer 1

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 2

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 3

that is going to impression your taxes, probable enormous time. The distribution replaced into situation to withholding at 20%. until eventually you're in a 10% tax bracket (including the distritution) it truly is no longer fairly adequate to pay the taxes and the ten% penalty on the distribution. The distribution is taxable as basic earnings and is further on your different earnings for the year. until eventually you're over age fifty 9 a million/2 or qualify for between the exceptions there is also a 10% penalty on suited of that. The exceptions on a 401(ok) distribution contain medical expenditures that exceed 7.5% of your AGI or finished and everlasting incapacity. Taking the money out to purchase a house does no longer qualify as an exception, it truly is for IRAs purely, no longer for 401(ok)s as yet another poster claimed. in case you opt for to post extra options on your finished tax project it might want to correctly be conceivable to figure out how a lot you'll owe at filing time, if something. in case you've been otherwise awaiting a huge refund, at the same time with from the EIC, then you fairly might want to be ok. besides the undeniable fact that in case you typically obtain a small refund that is totally probable that you'll might want to pay at filing time. with somewhat of luck you probably did not blow each of the distribution yet!

Answer 4

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.