topic Ask for Retirement account in Retirement tax questions

Ask for Retirement account

kchristine29 — Sat, 01 Jun 2019 02:00:54 GMT

So when you select you have a retirement account, this includes 401k from your job correct

Yes, it does. A 401(k) tax-deferred savings account qual...

GeoffreyG — Sat, 01 Jun 2019 02:00:56 GMT

Yes, it does. A 401(k) tax-deferred savings account qualifies as a "retirement account" for purposes of calculating any retirement savings tax credit to which you may be entitled (via Form 8880, which is part of the TurboTax program), as well as where it may be necessary to know elsewhere.

Thus, if you do have an active 401(k) through your employer, then please answer the software question with a "yes."

Thank you . I was pretty sure it did, just wanted second...

kchristine29 — Sat, 01 Jun 2019 02:00:59 GMT

Thank you . I was pretty sure it did, just wanted second opinion thank you!

You're very welcome, kchristine29! It's our pleasure to...

GeoffreyG — Sat, 01 Jun 2019 02:01:04 GMT

You're very welcome, kchristine29! It's our pleasure to help you. 🙂

But only enter a 401k from your W2, nowhere else. Don't...

VolvoGirl — Sat, 01 Jun 2019 02:01:05 GMT

But only enter a 401k from your W2, nowhere else. Don't enter it again under Deductions. Or are you taking distributions from it? Then you will get a 1099R for it.