any tax reason for saving 401(k) statements

Nov 12, 2008 5 Replies
M

Are there any TAX reason for saving old 401(k) statements that may show any of the contributions by date and total amount?



I'm about to clean the attic in a big way and want to get rid of many large boxes of brokerage and employment paperwork - don't really want to review any of it. The 401k - as I understand it is untaxed money that will be taxed as ordinary income as it is taken out - starting at 70.5 age - and that



1099s will be issued and that this the end of that.

All of it is at least three (3) tax years old.



========================================= MODERATOR'S COMMENT: Did you ever make after-tax contributions?


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P

Not unless you have after-tax contributions in it.

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M

Or, making a big stretch here, if you might someday participate in a class action lawsuit against your employer because of the (lack of) investment choices they offered you (only company stock, for example)...

-Mark Bole

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M

What is an 'after-tax contribution'? It was all taken out by the employer to reduce taxable income.

m
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A

In that case, I can't think of any Tax Reason for hanging onto

401k statements.
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P

It's an option in some plans for putting additional money beyond the salary deferral (a/k/a deductible) limit into the 401(k).

Then we're back to no reason to keep that stuff.

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