Solved: My wife has a retirement savings account from a job she left in 2012. Do I have to claim this money?
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ryneshelton
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My wife has a retirement savings account from a job she left in 2012. Do I have to claim this money?

 
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ThomasM
New Member

My wife has a retirement savings account from a job she left in 2012. Do I have to claim this money?

If by "retirement savings account" you mean a 401(k) or other employer-sponsored plan, then you'll only have a reporting requirement if she took a distribution from the account.

As long as the funds remain in the account -- even if they continue to grow -- then they are not considered taxable income. But once she takes a distribution, then the account custodian will issue her a form 1099-R, which will have to be reported on that year's tax return.

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ThomasM
New Member

My wife has a retirement savings account from a job she left in 2012. Do I have to claim this money?

If by "retirement savings account" you mean a 401(k) or other employer-sponsored plan, then you'll only have a reporting requirement if she took a distribution from the account.

As long as the funds remain in the account -- even if they continue to grow -- then they are not considered taxable income. But once she takes a distribution, then the account custodian will issue her a form 1099-R, which will have to be reported on that year's tax return.

View solution in original post

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