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Would line 12a state how much I put into my 401k to open it or just how much my employer removed from my paycheck?

Forum|Forum|7 years ago
June 4, 2019
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TurboTax Deluxe Online

Best answer by SteamTrain

It will just list the contribution amounts they removed from your paycheck..

The $$ rolled in from another retirement account are not really a "contribution" and don't get entered there. IF you get a 1099-R for that "rollover" or transfer, from another retirement account, you will enter that 1099-R ,and carefully answer the followup pages about with you did with the distribution (there are a couple of transfer/rollover selections on the pages that follow the main 1099-R form entries in the software)

SteamTrainAnswer

Employee

It will just list the contribution amounts they removed from your paycheck..

The $$ rolled in from another retirement account are not really a "contribution" and don't get entered there. IF you get a 1099-R for that "rollover" or transfer, from another retirement account, you will enter that 1099-R ,and carefully answer the followup pages about with you did with the distribution (there are a couple of transfer/rollover selections on the pages that follow the main 1099-R form entries in the software)

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*