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When trying to determine the basis for my retirement on PA taxes. What is the definition of "contributed" to the retirement plan?
I might be over thinking this. Is this all the money that I have personally contributed? For instance with direct deduction from my pay roll and also extra contributions over the years?
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June 4, 2019
10:23 PM
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Retirement tax questions
Your basis in your retirement plan, for PA income tax purposes, is the sum of all your personal contributions into the plan (do not count your employers contributions or any earnings in the plan) less the sum of all distributions taken from the plan in previous years.
June 4, 2019
10:23 PM
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Retirement tax questions
Thank you for that explanation. I guess then how can one determine how much was a personal contribution vs from an employer?
June 4, 2019
10:23 PM
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Retirement tax questions
Your personal contribution is what was deducted from your paychecks. You may need to ask the plan administrator for your total contributions and total distributions, sometimes it is on your 401k statements, I know Fidelity lists it.
June 4, 2019
10:23 PM