Author Topic: Newbie question about tax docs for IRA, 401k  (Read 452 times)

meerkat

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Newbie question about tax docs for IRA, 401k
« on: March 08, 2017, 06:53:02 AM »
I opened an IRA last year and halfway through the year I changed my 401(k) contributions from Roth to Traditional. Both accounts saw an increase in 2016 due to my investments going up, as well as going up because I put more money into them. Should I have a tax form for either/both of these?
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terran

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Re: Newbie question about tax docs for IRA, 401k
« Reply #1 on: March 08, 2017, 07:05:10 AM »
You shouldn't need to file anything for either. There may be some fields related to the 401k on your W2.

SeattleCPA

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Re: Newbie question about tax docs for IRA, 401k
« Reply #2 on: March 08, 2017, 07:24:39 AM »
I think you'll deduct your traditional IRA contribution on your 1040...

The 401(k) elective deferral will already be deducted on your W-2.
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Re: Newbie question about tax docs for IRA, 401k
« Reply #3 on: March 10, 2017, 10:02:37 AM »
No, you won't be sent a tax form for a 401k.  Your employer accounts for your contributions in the W-2 they send you.  Simply enter the information from your W-2 into your tax software.  No additional worry on your side is needed for this.  The employer does all this in your W-2 boxes for you.

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