Question

I had a 401(k) plan but not long enough for it to build up money. Do I need to include it in my taxes?

Forum|Forum|5 years ago
January 27, 2021
2 replies
0 views

I only had my 401(k) plan for a few months before leaving the company. It did technically build up some money, but in early withdrawal I don't get any of it. Everything says $0.00, and I didn't get an 1099-R (I think?) so do I even have to claim it in my taxes or can I just file them normally?

TurboTax Free Edition Online

B

Bsch4477

Employee

If there was no distribution there is nothing to report. Since the IRS will not process returns until February 12 wait until then to file just in case a 1099-R comes your way.

VolvoGirl

Employee

Did they close it? You didn't get any distribution from it? Wait for the 1099R to come or ask the plan. I haven't got all mine yet. Don't be in a rush to file.

Even if Turbo Tax lets you submit your return they will just hold all the returns until the IRS opens filing on Feb 12, 2021. So there is no hurry. And a lot of people who file early find out they have to amend later like when they get their actual W2 and 1099 forms. Or they get more forms than they were expecting.