You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
epicsunnydrr
New Member
naveedmsiddiqui
New Member
JoO5
Level 1
byrdstarasia
Level 1
maryskaconnolly
New Member