Learn More - Click Here!

Thread Options
#902514 - 02/10/08 05:08 PM HELP! Couple of tax questions...
Dip Offline
Power Poster
Dip
Joined: Mar 2005
Posts: 6,298
San Diego, CA
OK, I rolled two 401(k)'s into a new 401(k)....anything special I need to report on my taxes? Or do I just need to keep proof of the valid rollovers?

Also, I defer money every paycheck into a health flexible spending account, which is pre-tax. I keep proof of all my qualified health expenses....do I need to report anything on my taxes?

If I don't have to report this stuff, my taxes are done! Woot!
_________________________
Dabbling in banking, law, accounting...the life of a trustee.

Return to Top
Chat! - BOL Watercooler
#902522 - 02/10/08 08:56 PM Re: HELP! Couple of tax questions... Dip
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
Do you itemize Dipper? Those medical expenses, even paid with pre-tax dollars, may be tax deductible. I say may because there is a threashold that must be breached for medical expenses to be deductible.

On your retirement account, as long as they were rolled over within the alloted time, nothing should be reported.
_________________________
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


Return to Top
#902533 - 02/10/08 09:54 PM Re: HELP! Couple of tax questions... Pale Rider
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,620
Galveston, TX
I believe that all 401K Rollover are reported on the 1040 - Line 16 - see page 22 and 23 of the instructions.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#902548 - 02/11/08 03:10 AM Re: HELP! Couple of tax questions... Pale Rider
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
Originally Posted By: Pale Rider
Those medical expenses, even paid with pre-tax dollars, may be tax deductible.


How does that work?

Originally Posted By: Pale Rider
On your retirement account, as long as they were rolled over within the alloted time, nothing should be reported.


My recollection is that you include the amount, write the word "rollover," and do not include the amount in your AGI total. But that was a long time ago.

Return to Top
#902552 - 02/11/08 05:10 AM Re: HELP! Couple of tax questions... Jokerman
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
dang Dip, my memory has been trashed by this flu, please disregard my ramblings and listen to Randy and the Jokerman
_________________________
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


Return to Top
#902553 - 02/11/08 05:11 AM Re: HELP! Couple of tax questions... rlcarey
Dip Offline
Power Poster
Dip
Joined: Mar 2005
Posts: 6,298
San Diego, CA
Originally Posted By: rlcarey
I believe that all 401K Rollover are reported on the 1040 - Line 16 - see page 22 and 23 of the instructions.



That's what I needed...thanks!

They only mailed me 1040EZ which doesn't have anything like that on it. I went with 1040A...line 12 on 1040A. Have to write "ROLLOVER" on the form next to the taxable amount like Jokerman said (which is zero in my case).
_________________________
Dabbling in banking, law, accounting...the life of a trustee.

Return to Top
#902554 - 02/11/08 05:13 AM Re: HELP! Couple of tax questions... Dip
Dip Offline
Power Poster
Dip
Joined: Mar 2005
Posts: 6,298
San Diego, CA
Oh wait a minute....

OK, so there's a line for IRA distributions and a line for pensions and annuities (including qualified plans).

I rolled over two 401(k)'s, btu one had already been automatically transferred into what Fidelity called a "rollover IRA." So, do I report the amount from that one under IRA distributions? Yeah, I think so...
_________________________
Dabbling in banking, law, accounting...the life of a trustee.

Return to Top
#902575 - 02/11/08 01:37 PM Re: HELP! Couple of tax questions... Dip
Comp Guy No More Offline
Diamond Poster
Comp Guy No More
Joined: Apr 2007
Posts: 2,488
North East
I don't think you want to report any distributions unless you actually took $$ from them. Unless you want to pay penalties and taxes on the $$. My advice, use Turbo Tax.

Return to Top
#902578 - 02/11/08 01:45 PM Re: HELP! Couple of tax questions... Comp Guy No More
Big Dog Offline
Power Poster
Big Dog
Joined: Mar 2005
Posts: 2,659
Kennel
One thing to keep in mind on the medical expenses, if your FSA Deductions are not pre-tax on the state level, then you can deduct any medical expenses on your state return if there is a medical deduction allowed.
_________________________
CAMS, AMLP, AKC, K-9






Return to Top
#902627 - 02/11/08 03:07 PM Re: HELP! Couple of tax questions... Comp Guy No More
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
Originally Posted By: Comp Guy
I don't think you want to report any distributions unless you actually took $$ from them. Unless you want to pay penalties and taxes on the $$. My advice, use Turbo Tax.


You report the amount distributed in line 15a or 16a - if the entire amount was rolled over, you report $0 in line 15b or 16b.

Dip, it took me five minutes to look this up. You owe me $16.67.

Return to Top
#902690 - 02/11/08 04:29 PM Re: HELP! Couple of tax questions... Dip
RebekahL CRCM Offline
Platinum Poster
RebekahL CRCM
Joined: Feb 2003
Posts: 780
Big Sky Country
Were all of your medical expenses paid from your pre-tax flex account? If so, you cannot deduct them as expenses. The IRS calls it "double dipping" because you'd basically be getting a double tax benefit. You already reduced your taxable income by contributing to the flex plan, so you cannot further reduce your income by deducting those expenses (paid from the flex account).

Now, if your expenses exceeded your flex plan contribution, you could possible itemize them. However, you can only deduct medical expenses that exceed 7.5% of your adjusted gross income. I'm going to make a wild guess here and say that you are probably too healthy to have spent that much on medical care!

As far as the rollover goes, I'm just wondering if any funds rolled from a traditional IRA to a Roth IRA. If so, you do have some tax liability.
_________________________
Me, Type A? Maybe - I'm not done analyzing it yet.

Return to Top
#902910 - 02/11/08 09:24 PM Re: HELP! Couple of tax questions... Jokerman
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
Originally Posted By: Jokerman
Originally Posted By: Comp Guy
I don't think you want to report any distributions unless you actually took $$ from them. Unless you want to pay penalties and taxes on the $$. My advice, use Turbo Tax.


You report the amount distributed in line 15a or 16a - if the entire amount was rolled over, you report $0 in line 15b or 16b.

Dip, it took me five minutes to look this up. You owe me $16.67.



Whoa Joker!!!! $200/hour is kinda steep for the cooler, you need to set up shop in the couch thread
_________________________
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


Return to Top
#903086 - 02/12/08 02:25 PM Re: HELP! Couple of tax questions... Pale Rider
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
What do you think I ought to bill out at?

Return to Top
#903113 - 02/12/08 02:54 PM Re: HELP! Couple of tax questions... Jokerman
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
I dunno, maybe the equivalent of a starbucks mocha latte, with low fat milk
_________________________
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


Return to Top
#903184 - 02/12/08 04:08 PM Re: HELP! Couple of tax questions... Pale Rider
Miscuit Offline
10K Club
Miscuit
Joined: Aug 2005
Posts: 18,789
TX
Originally Posted By: Pale Rider
I dunno, maybe the equivalent of a starbucks mocha latte, with low fat milk


So then $16.67 is about right!

Return to Top
#903195 - 02/12/08 04:15 PM Re: HELP! Couple of tax questions... Pale Rider
rainman Online
Power Poster
rainman
Joined: Nov 2004
Posts: 3,031
Originally Posted By: Pale Rider
Originally Posted By: Jokerman
Originally Posted By: Comp Guy
I don't think you want to report any distributions unless you actually took $$ from them. Unless you want to pay penalties and taxes on the $$. My advice, use Turbo Tax.


You report the amount distributed in line 15a or 16a - if the entire amount was rolled over, you report $0 in line 15b or 16b.

Dip, it took me five minutes to look this up. You owe me $16.67.



Whoa Joker!!!! $200/hour is kinda steep for the cooler, you need to set up shop in the couch thread


Have you seen what accountants charge??!! That's not too bad a rate.
_________________________
Nobody's perfect, not even a perfect stranger.

Return to Top
#903366 - 02/12/08 06:24 PM Re: HELP! Couple of tax questions... rainman
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
Thanks, Rainman. Responding to your compliment took the same amount of time as it does for most of these rapid refund shops to complete your 1040-EZ. Therefore, you owe me $100 plus 10% of your refund.

Return to Top
#903614 - 02/12/08 09:13 PM Re: HELP! Couple of tax questions... Jokerman
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
I think -J- must be coming down with the same flu I have had for a week
_________________________
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


Return to Top