Question About 401K account

Feb 15, 2010 3 Replies
M

Hi, I am trying to do my 2009 taxes and was wondering ?if I have a



401K account with a bit over $100 in it do I have to claim an IRA deduction or fille out form 5329? A little more information I haven?t touched any of the money in it and haven?t done anything like roll it over to an IRA.
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J

5329 is only used after a withdrawal (or to claim the tax on excess IRA contribution). Just having a 401(k) you have no form to worry about. Joe
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P

"maxed_out41" wrote

If you haven't put anything in, and haven't taken anything out, there's nothing to do, nothing to report, nothing to deduct.

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P

If you've put anything in (and don't get any of it back as an excess), there's also nothing to report and nothing to deduct. The deduction is already reflected in Box 1 of the W-2 and a D code entry in Box

  1. This does qualify for the Retirement Savers Credit, but I've found that for most people if you have enough income to make these contributions you have too much income to qualify for the credit.

Phil Marti VITA Volunteer

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