2007-03-29 11:39:53 · 3 answers · asked by silla 2 in Business & Finance ➔ Taxes ➔ United States
The money you put in a 401(k) has already been subtracted from your total compensation in box 1 of your Form W-2. You don't need to do anything else at tax time.
If you took a distribution from a 401(k), you'll receive a Form 1099 showing the distro and the tax withheld. Claim the income on your tax return and take a credit for the tax withheld along with any W-2 withholdings.
2007-03-29 11:57:12 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
hi! If you're asking about the money withheld in 2006 from your paychecks and deposited into your 401(k) account, you don't have to worry about your 401(k) and your 2006 tax return.
If you received a 1099-R form that shows distribution from your 401(k), be sure to enter the information from that 2006 1099-R form on your tax return. You may be taxed on that distribution. Hope this information helps! One of the best ways to save for your "old age" is a 401(k)....
2007-03-29 12:04:01 · answer #2 · answered by Lee, CPA - TurboTax employee 2 · 1⤊ 0⤋
are you referring to a cash out or monies put into your 401K?
2007-03-29 11:49:26 · answer #3 · answered by hummingbird 3 · 0⤊ 0⤋