5 replies to this topic

[foeplay]

I contributed to my 401k for the first time this year and I just received my W-2 from my employer. I file my taxes with Turbo Tax and want to know if I can do it now or do I need to wait for some sort of form from our 401k broker with figures that will help me out tax wise. It is my understanding that the way 401k's help you out regarding income taxes is that you claim less salary since you contributed money, therefore your taxes should be a little lower. Thanks

I saw this on my broker website, but not sure if it applies to me or not:

Tax Form 1099-R for 2010If you took a distribution from your account in 2010, a Form 1099-R will be mailed to your address of record by January 31. Taking a loan is not a distribution.

[hegemony]

box 1 already should reflect the lower tax liability. box 5 should be higher than box 1 since the pre-tax contributions to a qualified retirement plan does not reduce medicare liabilities.

my box 5 is more than 40K higher than my box 1.

[Repairerer]

Everything you need is on the W2, unless you took money out of it. The taxable wages should be reduced by the amount of your contributions.

[foeplay]

ok thanks guys, just wanted to make sure I don't miss something by filing early!

[hegemony]

ok thanks guys, just wanted to make sure I don't miss something by filing early!

no problem. congrats on starting the 401k.

[foeplay]

Thanks, better late than never!