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Posted by Dan Schumacher on April 18, 2008, 6:13 pm
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I fully understand completing an 8606 form for the completion of
non-deductible contributions to an IRA. What I am concerned
about is how to report post-tax 401-K contributions, if required
to do so. These contributions are significantly higher than the
non-deductible contributions to my IRA, and I want to be sure
that I don't run afoul or the IRS, or pay tax on what has already
been taxed, when it comes time to withdraw from my 401-K
(hopefully very soon). I have done a fair amount of research on
Google and the IRS web page and don't seem to find anything that
pertains.
Any information will be appreciated.
Regards, Dan
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Posted by Phil Marti on April 18, 2008, 7:07 pm
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"Dan Schumacher" wrote:
>I fully understand completing an 8606 form for the completion of
>non-deductible contributions to an IRA. What I am concerned about is how
>to report post-tax 401-K contributions, if required to do so.
You don't report anything. The plan keeps an account, and you want to
follow your statements there to make sure everything is properly recorded.
If you ever roll the after-tax 401(k) contributions into a traditional IRA
you'll report that on Form 8606.
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Phil Marti
Clarksburg, MD
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by John Kohl on April 18, 2008, 9:00 pm
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Phil> "Dan Schumacher" wrote:
>> I fully understand completing an 8606 form for the completion of
>> non-deductible contributions to an IRA. What I am concerned about is how
>> to report post-tax 401-K contributions, if required to do so.
Phil> You don't report anything. The plan keeps an account, and you want to
Phil> follow your statements there to make sure everything is properly recorded.
Phil> If you ever roll the after-tax 401(k) contributions into a
Phil> traditional IRA you'll report that on Form 8606.
Is there any way to roll the after-tax portion of a 401(k) into one
IRA account, and the pre-tax portion into another IRA account? That
would at least make *my* recordkeeping easier, when the time comes....
(Likewise for Roth 401(k) funds.)
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Home page: <http://mysite.verizon.net/jtkohl/index.htm>
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Phil Marti on April 18, 2008, 10:13 pm
Please log in for more thread options "John Kohl" wrote:
> Is there any way to roll the after-tax portion of a 401(k) into one
> IRA account, and the pre-tax portion into another IRA account? That
> would at least make *my* recordkeeping easier, when the time comes....
> (Likewise for Roth 401(k) funds.)
Roth 401(k)'s can be rolled into only Roth IRAs, and all contributions in
both are after-tax, so I don't understand that part of the question.
You can direct transfers from your 401(k) to traditional IRAs any way the
plan will go along with. Your tax returns will look exactly the same when
the rollover happens and when you begin withdrawals if you roll everything
from the 401(k) into the traditional IRAs, regardless of how you split it
up.
You do have some different distribution (not rollover) options when there
are after-tax 401(k) contributions. See IRS Publication 575.
--
Phil Marti
Clarksburg, MD
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by John Kohl on April 19, 2008, 3:15 pm
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Phil> "John Kohl" wrote:
>> Is there any way to roll the after-tax portion of a 401(k) into one
>> IRA account, and the pre-tax portion into another IRA account? That
>> would at least make *my* recordkeeping easier, when the time comes....
>> (Likewise for Roth 401(k) funds.)
Phil> Roth 401(k)'s can be rolled into only Roth IRAs, and all contributions in
Phil> both are after-tax, so I don't understand that part of the question.
Ah, let me explain a bit more. My employer's plan as of 2008 has a roth
option, so my account now has pre-tax funds (my contributions and
company match), after-tax funds (my contributions), and roth funds (my
contributions).
Whenever the time comes to roll out contents, it sounds like at least
the Roth portion gets treated separately from the taxable/non-taxable
sections, although the custodian mostly just lumps it all together for
total valuation right now.
--
Home page: <http://mysite.verizon.net/jtkohl/index.htm>
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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