401K

5 replies
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my husband has an IRA with fidelity through a 401k at work. when i was looking for tax statements it says there are none. what do i report? He contributed $8124. to this 401K. will there be a penalty for being over $7000.00?

VolvoGirl

Level 15

A 401K is not an IRA. You only enter it from his W2 box 12. You can't deduct it. It has already been deducted from the wages in box 1 and you can't deduct it again. Do not enter it under Deductions as a IRA contribution.

PattiB34Author

Level 2

where do i report the dividends and interest. we did not get any 1099's from fidelity

VolvoGirl

Level 15

No. You do not report sales, interest, dividends,gains, losses or any transactions inside the IRA or 401K accounts. You only report distributions, Rollovers, Transfers, conversions that you get a 1099R for. That's one of the benefits of using an IRA or 401K Account. It grows tax deferred.