turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I am invested in a 401 K but I dont know how much I made in it for 2019, does this need to be included in filing?

I dont know what I did with the paper that tolkd me how much I made
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

I am invested in a 401 K but I dont know how much I made in it for 2019, does this need to be included in filing?

IF you didn't actually take any money out of the 401k, then the gain-or-loss in the account value  for the year is just an FYI they provide so that you can think about whether you want to change you investment mix.

 

The prior year's, year-end value is only critical for a year in which you reach age 70.5, and the years after, so that you can determine the RMD (Required minimum distribution) that you must take out of the account every year after reaching that age ..... but if you haven't already reached age 70.5 by some date in 2019, that age has been changed to 72 for future years.

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

I am invested in a 401 K but I dont know how much I made in it for 2019, does this need to be included in filing?

How much you made or how much you contributed or how much you took out?  You only enter 401K contributions from your W2.  You don't enter any interest, dividends, buys or sells or values inside the 401K.  And you don't report loans unless you leave and don't pay it back.

 

You only report distributions, withdrawals, rollovers, Transfers to another account or conversions.  You will get a 1099R for those.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question