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February 1, 2025
Question

Is a 401k a private IRA?

  • February 1, 2025
  • 2 replies
  • 0 views
I took money from my 401k plan. Is this considered a private plan ?

    2 replies

    DoninGA
    Employee
    February 1, 2025

    If the 401(k) was offered by your employer it is not a private plan.

    DoninGA
    Employee
    February 1, 2025

    A 401(k) plan is not an IRA. 

     

    If you contributed to an employer provided 401(k), your contribution are shown on your W-2 in box 12 with a code of D.  Those contributions are not entered anywhere else on a tax return.