Do I report having a 401k

mommy8712 · ‎January 28, 2024

Do report having money in a 401k

Opus 17 · ‎January 28, 2024

Having money, no, that is not reported.

Contributions via payroll will be reported on your W-2 and Turbotax will pick that up automatically. Any withdrawals must be reported as well, you will get a 1099-R from the plan custodian. But the IRS does not need to know that you own a 401k if you aren't making contributions or withdrawals.

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Opus 17 · ‎January 28, 2024

Having money, no, that is not reported.

Contributions via payroll will be reported on your W-2 and Turbotax will pick that up automatically. Any withdrawals must be reported as well, you will get a 1099-R from the plan custodian. But the IRS does not need to know that you own a 401k if you aren't making contributions or withdrawals.