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Learning, Sharing, and Teaching => Taxes => Topic started by: meerkat on March 08, 2017, 06:53:02 AM

Title: Newbie question about tax docs for IRA, 401k
Post by: meerkat 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?

Title: Re: Newbie question about tax docs for IRA, 401k
Post by: terran 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.

Title: Re: Newbie question about tax docs for IRA, 401k
Post by: SeattleCPA 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.

Title: Re: Newbie question about tax docs for IRA, 401k
Post by: financepatriot@gmail.com 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.