https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Thu, 16 Apr 2026 17:27:35 +0000 https://boards.hellobee.com/topic/401k-tax-help#post-2047290 Fri, 30 Jan 2015 11:21:36 +0000 Mrs. Jacks 2047290@https://boards.hellobee.com/ <p>@LBee: too bad I only had a tiny fraction in that fund though! It would have been awesome if it was the whole account! </p> https://boards.hellobee.com/topic/401k-tax-help#post-2047239 Fri, 30 Jan 2015 10:57:47 +0000 LBee 2047239@https://boards.hellobee.com/ <p>@Mrs. Jacks: That's awesome! </p> https://boards.hellobee.com/topic/401k-tax-help#post-2047230 Fri, 30 Jan 2015 10:52:01 +0000 Mrs. Jacks 2047230@https://boards.hellobee.com/ <p>@LBee: in my 401k you can invest in individual stocks/funds. I had one tech fund that made 62% this year, so it is possible. My default fund only did like 8% this year, but way better than a savings account! </p> https://boards.hellobee.com/topic/401k-tax-help#post-2047217 Fri, 30 Jan 2015 10:46:33 +0000 Littlebit 2047217@https://boards.hellobee.com/ <p>@LBee: Gotcha! And yes!! will take all references to Friends I can get! :) </p> https://boards.hellobee.com/topic/401k-tax-help#post-2047113 Fri, 30 Jan 2015 10:07:12 +0000 LBee 2047113@https://boards.hellobee.com/ <p>@Littlebit: Your gain / loss should have nothing to do with your taxes. Just focus on the 2014 contribution number - that's all that matters. 401(k)'s are tax deferred so that gain / loss is a moot point.</p> <p>As an aside, did anyone else think of Joey on Friends with the "moot point" comment? </p> https://boards.hellobee.com/topic/401k-tax-help#post-2047105 Fri, 30 Jan 2015 10:05:29 +0000 Littlebit 2047105@https://boards.hellobee.com/ <p>Ok, now I'm confused. In the column under 'year-to-date since 01/01/2014' it says 'Investment gain/decline +5000'. </p> <p>There's another column that says 'Since initial investment on 01/04/2006' and 'Investment gain/decline' that has a bigger number. So that's when the account was created.</p> <p>Same with contributions. Since 2006 it's a larger number, and for year to date 2014, it was 10,000? </p> https://boards.hellobee.com/topic/401k-tax-help#post-2047078 Fri, 30 Jan 2015 09:56:10 +0000 LaughLines 2047078@https://boards.hellobee.com/ <p>@LBee: i agree, that's why i'm surprised. If it's 5k growth due to additional contributions or employer contributions, then it wouldn't be all growth, but she describes it as 5k of gains on 10k. </p> <p>ohh but now i see what you're saying.. it's not the first year of contributions so there could have been a much bigger balance, so it's not 5k on 10k, it's 5k on the balance. got it ;) </p> https://boards.hellobee.com/topic/401k-tax-help#post-2047069 Fri, 30 Jan 2015 09:51:58 +0000 LBee 2047069@https://boards.hellobee.com/ <p>@LaughLines: Depending on if he had an existing balance, it's probably not a 50% return. For 2014, the Dow Jones Industrial Average was up 7.5% and the S&amp;P 500 was up 11%. There were definitely stocks / funds that made 50% out there, but I doubt they would be 401(k) options. Those tend to be fairly limited. </p> https://boards.hellobee.com/topic/401k-tax-help#post-2047059 Fri, 30 Jan 2015 09:47:22 +0000 Littlebit 2047059@https://boards.hellobee.com/ <p>@LaughLines: Well that's exciting! haha! I just looked at it again and there's a little graph on the bottom. There is a really sharp uptick on the graph for this year..so I guess it was a really good year! </p> https://boards.hellobee.com/topic/401k-tax-help#post-2047055 Fri, 30 Jan 2015 09:42:44 +0000 LaughLines 2047055@https://boards.hellobee.com/ <p>@Littlebit: That's a 50% return! A "good" return is usually between 7-10%, so that's pretty amazing! </p> https://boards.hellobee.com/topic/401k-tax-help#post-2047050 Fri, 30 Jan 2015 09:38:05 +0000 Littlebit 2047050@https://boards.hellobee.com/ <p>@LaughLines: LOL, I guess so?! Haha! I know nothing about 401k's/IRA's...I just started mine this year. But I guess my husbands did well? I have no idea :P </p> https://boards.hellobee.com/topic/401k-tax-help#post-2047035 Fri, 30 Jan 2015 09:32:35 +0000 LaughLines 2047035@https://boards.hellobee.com/ <p>@Littlebit: you had $5k of gains on $10k?! woah - great year for you!! </p> https://boards.hellobee.com/topic/401k-tax-help#post-2047004 Fri, 30 Jan 2015 09:10:38 +0000 Littlebit 2047004@https://boards.hellobee.com/ <p>@LBee: just walled you! </p> https://boards.hellobee.com/topic/401k-tax-help#post-2046987 Fri, 30 Jan 2015 09:01:10 +0000 LBee 2046987@https://boards.hellobee.com/ <p>@Littlebit: Happy to help :happy: </p> https://boards.hellobee.com/topic/401k-tax-help#post-2046984 Fri, 30 Jan 2015 09:00:19 +0000 Littlebit 2046984@https://boards.hellobee.com/ <p>@LBee: Ah! We were writing at the same time. Thank you!! </p> https://boards.hellobee.com/topic/401k-tax-help#post-2046983 Fri, 30 Jan 2015 09:00:00 +0000 Littlebit 2046983@https://boards.hellobee.com/ <p>Also, when doing taxes is a 401k considered the same as a traditional IRA? I'm not seeing anything that specifically says 401k? </p> https://boards.hellobee.com/topic/401k-tax-help#post-2046981 Fri, 30 Jan 2015 08:58:33 +0000 LBee 2046981@https://boards.hellobee.com/ <p>Wrong section of Tax Act to report that - that's for IRAs, not 401(k)'s. It should come up when it's asking for you to enter your W-2 information. Wall me if you need any other help!</p> <p>To answer your question, IF you had IRA contributions, deductibility is based on your modified adjusted gross income. Information can be found here: </p> <p><a href="http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/2014-IRA-Contribution-and-Deduction-Limits-Effect-of-Modified-AGI-on-Deductible-Contributions-If-You-ARE-Covered-by-a-Retirement-Plan-at-Work" rel="nofollow">http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/2014-IRA-Contribution-and-Deduction-Limits-Effect-of-Modified-AGI-on-Deductible-Contributions-If-You-ARE-Covered-by-a-Retirement-Plan-at-Work</a> </p> https://boards.hellobee.com/topic/401k-tax-help#post-2046977 Fri, 30 Jan 2015 08:56:02 +0000 Littlebit 2046977@https://boards.hellobee.com/ <p>Looking for some help. I'm doing our taxes on Tax Act and when I get to the 401K part I have some questions. </p> <p>What counts as a deductible contribution? Is that just your contribution for the year? Or only your gain for the year? </p> <p>Let's say my husbands year end 401k statement says his annual contributions this year were $10,000. But his gain was only $5000. Which do you enter? </p> <p>Are either of those even considered deductible contributions? I guess my question is, how do you know if something is considered a deductible or not.</p> <p>[attach=3994/15/niztde.600x493.help.png] </p>