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I have a 401k from my last employer of 10yrs and one with my new employer so how or what do I do with my last one sense my new one shows on this w-2

 
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Ashby
New Member

I have a 401k from my last employer of 10yrs and one with my new employer so how or what do I do with my last one sense my new one shows on this w-2

You have nothing to worry about concerning your old 401k until you start taking distributions. Once you start taking any type of distribution from a 401k, you will receive a 1099R for these withdrawals. You may want to speak to a financial advisor about rolling your old 401k into another retirement account. 

Your new employer W-2 will show the amount of contributions to your new 401k in Box 12D. As the 401k contribution is a pre-tax event, there is no deduction allowed like an IRA. However, your contributions to lower your taxable income that you input from Box 1.

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1 Reply
Ashby
New Member

I have a 401k from my last employer of 10yrs and one with my new employer so how or what do I do with my last one sense my new one shows on this w-2

You have nothing to worry about concerning your old 401k until you start taking distributions. Once you start taking any type of distribution from a 401k, you will receive a 1099R for these withdrawals. You may want to speak to a financial advisor about rolling your old 401k into another retirement account. 

Your new employer W-2 will show the amount of contributions to your new 401k in Box 12D. As the 401k contribution is a pre-tax event, there is no deduction allowed like an IRA. However, your contributions to lower your taxable income that you input from Box 1.

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