401k and traditional IRA

Forum|Forum|1 year ago
April 24, 2024
3 replies
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If my income is less do I still need to file for 401K and Traditional IRA in my Tax refund?

Best answer by DoninGA

If you made withdrawals from the 401(k) account and from an IRA in 2023 those withdrawals have to be reported on a federal tax return. You should have received a Form 1099-R for each withdrawal.

If this is not what you are referring to, then please clarify and reply back on this thread.

xmasbaby0

Employee

If you have a 1099R for money you took from a retirement account, you must enter it on your tax return with all of your other income.

To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

DoninGAAnswer

Employee

If you made withdrawals from the 401(k) account and from an IRA in 2023 those withdrawals have to be reported on a federal tax return. You should have received a Form 1099-R for each withdrawal.

If this is not what you are referring to, then please clarify and reply back on this thread.

JulieS

Yes, you should still enter the information about your 401(K) contributions because it is part of your W-2 form. It doesn't get entered anywhere else on your tax return.

Entering information about your IRA contributions is a good idea even if you don't need the deduction. Entering the information will help you avoid overcontributing to your IRA and you may get the Retirement Savings Contribution Credit if you income is low enough.

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