Even with a 401K, losses would still be reported because that's still income. It would be listed on schedule A, which you always file when you itemize.
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Even with a 401K, losses would still be reported because that's still income. It would be listed on schedule A, which you always file when you itemize.
I am no tax guru but do people really report 401k losses unless they take money out?
Not the actual losses, but the income must be reported. Usually it's reported as part of your adjusted gross income, but depending on how it's invested it can be reported on a Schedule B. If it's reported on Schedule B (investment income) you're itemizing! This is particularly true if your 401K investments exceed the allowable limit on investment income which I believe is around 1500.00. (Have to check that, but I think it's correct). If you earn more than that, you MUST report it on a schedule B, which as I said means an itemized return.
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Tax deferred income still gets reported as income in any given tax year! You had a 250K return and no 401K income you reported either? :scream:
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Yes, I checked my post #243 and I was correct. the maximum allowable investment income that doesn't have to reported on a Schedule B (investment income) was capped in 2018 at 1500.00. Here's the current tax schedules, and what they allow you to deduct if you itemize:
A tax schedule is a form the IRS requires you to prepare in addition to your tax return when you have certain types of income or deductions. These commonly include things like significant amounts of interest income, mortgage interest or charitable contributions. Generally, the totals you compute on these schedules are transferred to your Form 1040.
Schedule A
If you elect to itemize your deductions rather than claim the standard deduction, then you must prepare a Schedule A and attach it to your Form 1040. Schedule A is the tax form where you report the amount of your itemized deductions. Some of the itemized deductions listed on Schedule A include medical and dental expenses, various state taxes, mortgage interest, and charitable contributions. If your Schedule A total exceeds the standard deduction, you are typically better off itemizing your deductions.
Schedule B
Schedule B is an income schedule that requires you to separately list the sources of interest and dividend payments you receive during the year. You can use Schedule B with Forms 1040. However, preparation of the schedule is only necessary when your interest or dividend income exceeds the IRS threshold for the year - $1,500 in 2018. For example, if you only earn $200 of bank interest this year, you must include this amount in your taxable income, but preparing a Schedule B is not necessary.
Schedules C and C-EZ
Schedules C and C-EZ are forms that you use to report self-employment income. Essentially, both forms separately report your business earnings and deductions to arrive at your net business profit or loss, which is then added to your other income on Form 1040. If you have a single business with simple accounting that meets IRS qualifications, you can use the shorter Schedule C-EZ, rather than Schedule C.
Schedule D
If you sell a capital asset during the year, then you must report it on a Schedule D attachment to your tax return. Capital assets transactions commonly report the gains and losses when you sell stocks, but can include any other property you sell during the year such as your home or car. The form separates the transactions into short-term and long-term transactions depending on whether you own the property for more than one year or not. Your short-term capital gains are taxed at the same rate as your other income, but your long-term gains are taxed at lower rates.
Schedule EIC is where you report your qualifications for claiming the earned income tax credit. The earned income tax credit is a refundable tax credit you can claim if you have qualifying children, and your income falls below a certain level. You can use Schedule EIC for Form 1040.
Schedule SE
If you are self-employed, you are responsible for paying Social Security tax on your earnings since an employer is not withholding it for you. You compute the amount of your self-employment tax on Schedule SE.
Source: https://turbotax.intuit.com/tax-tips/irs-tax-forms/what-are-tax-schedules/L5kLJtHE7
A tax schedule is a form the IRS requires you to prepare in addition to your tax return when you have certain types of income or deductions. These commonly include things like significant amounts of interest income, mortgage interest or charitable contributions. Generally, the totals you compute on these schedules are transferred to your Form 1040.
Schedule A
If you elect to itemize your deductions rather than claim the standard deduction, then you must prepare a Schedule A and attach it to your Form 1040. Schedule A is the tax form where you report the amount of your itemized deductions. Some of the itemized deductions listed on Schedule A include medical and dental expenses, various state taxes, mortgage interest, and charitable contributions. If your Schedule A total exceeds the standard deduction, you are typically better off itemizing your deductions.
Schedule B
Schedule B is an income schedule that requires you to separately list the sources of interest and dividend payments you receive during the year. You can use Schedule B with Forms 1040. However, preparation of the schedule is only necessary when your interest or dividend income exceeds the IRS threshold for the year - $1,500 in 2018. For example, if you only earn $200 of bank interest this year, you must include this amount in your taxable income, but preparing a Schedule B is not necessary.
Schedules C and C-EZ
Schedules C and C-EZ are forms that you use to report self-employment income. Essentially, both forms separately report your business earnings and deductions to arrive at your net business profit or loss, which is then added to your other income on Form 1040. If you have a single business with simple accounting that meets IRS qualifications, you can use the shorter Schedule C-EZ, rather than Schedule C.
Schedule D
If you sell a capital asset during the year, then you must report it on a Schedule D attachment to your tax return. Capital assets transactions commonly report the gains and losses when you sell stocks, but can include any other property you sell during the year such as your home or car. The form separates the transactions into short-term and long-term transactions depending on whether you own the property for more than one year or not. Your short-term capital gains are taxed at the same rate as your other income, but your long-term gains are taxed at lower rates.
Schedule EIC is where you report your qualifications for claiming the earned income tax credit. The earned income tax credit is a refundable tax credit you can claim if you have qualifying children, and your income falls below a certain level. You can use Schedule EIC for Form 1040.
Schedule SE
If you are self-employed, you are responsible for paying Social Security tax on your earnings since an employer is not withholding it for you. You compute the amount of your self-employment tax on Schedule SE.
Source: https://turbotax.intuit.com/tax-tips/irs-tax-forms/what-are-tax-schedules/L5kLJtHE7
Tax deferred income still gets reported as income in any given tax year! You had a 250K return and no 401K income you reported either? :scream:
Hahahahahahahahahaha.
No it doesn’t, f’ucking moron. Not only are you a f’ucking moron, but you aren’t intelligent enough to realize you are showing that you are a ******* moron.
Tax deferred income still gets reported as income in any given tax year! You had a 250K return and no 401K income you reported either? :scream:
You obviously have someone else prepare your taxes for you and don’t have a 401K.
F’ucking idiot.
No country, I have a 401K AND a substantial investment portfolio yet I earned nowhere close to 250K last year! I'm still amazed you pulled in over a quarter million dollars and only claimed the standard deductions on it.
You calling me a name and claiming that type of financial ignorance is not only laughable, it's downright condescending and an insult to American Capitalism!
How the hell can we raise the capital we need to make more rich people pay for your Socialist income redistribution schemes with dumb folks like YOU filing 250K returns with no investments? Then you have the gall to complain about Trump "tanking" the stock markets?
We wouldn't even have a stock market following your brilliant financial planning.[eyeroll]
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It is reported on your W2 income tax statement ...it's just reported as a lower amount of your AGI. (unless you're self employed)
excerpt:
The 401(k) plan contributions you elect to make come directly out of your salary. Since the contributions are made with pre-tax dollars, your employer does not include these amounts in your taxable income for the year. At the end of the year, when you receive your W-2 form that shows your earnings, you will notice that your wages subject to federal income tax are lower because of your 401(k) plan contributions. (which means it's recorded and reported on your 1040)
All about 401K deductions and credits
https://blog.turbotax.intuit.com/ta...you-deduct-401k-savings-from-your-taxes-7169/
Do you still have to claim income from a 401K?
https://finance.zacks.com/claim-income-401k-tax-return-2236.html
excerpt:
"Unless you roll over all or part of the distributions you receive from your 401(k) plan to a traditional individual retirement account or other qualified pretax retirement plan, the payments are taxable. (which means income, which means it's reported) The good news is you do not pay federal income tax on contributions you make to a regular 401(k) plan until you begin withdrawing from the plan. When the time comes, the plan administrator can make the distributions in lump sums or in the form of annuity or installment payments."
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Im just gonna put this out there....
Based on your example of your taxes, you should consider finding someone else to prepare your taxes. Whatever the cost you will make money.
It is almost criminal to take only standard deductions on that type of income.
Who does that?
Someone who either doesnt understand taxes or someone making their story up.It is almost criminal to take only standard deductions on that type of income.
Who does that?
Could he either easily.
In fairness to the other posters on the board (who I don't think care much about this thread discussion) I'll drop it. I am reasonably convinced though country is either a bald faced liar about earning 250K last year, or grossly ignorant of our current tax code. Either way, discussing this further with a financial management apprentice is pointless.
Hahahahahaha.
You and the moron, atl, clearly don’t understand the tax code and you both prove it by your posts. We have discussed, in depth, the changes trump made limiting the itemized deductions. He limited the deduction for state income taxes, local income taxes, real estate taxes and personal property taxes, all combined, to a total of $10,000. The two of you clearly don’t do your own taxes because you clearly don’t understand the tax code. Idiots. And atl clearly doesn’t have a 401K because he obviously thought the income from it was taxable.
F’ucking moron.
You know there are other deductions available beyond state and local taxes? Just checking.
Exactly! In fact I listed them in the thread, and among the things you are STILL allowed to deduct are investment losses which ironically country most strenuously complained about by falsely claiming Trump's tariff policies "tanked" the stock market!
Who earns in excess of a quarter million dollars and has no retirement instruments, no assets, no real estate holdings, or earns no additional income off that type of cash flow from a well managed and diversified investment portfolio? (country filed no itemized schedules in 2018) As I said a financially ignorant neophyte. Any more posts country makes about Trump's handling of the budget, taxes, stocks, the markets or anything else about financial planning or the economy ought to be laughed right off this board.
It's either a lie or steeped in unmitigated economic ignorance.
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The sheer stupidity of country not even claiming charitable contributions on a schedule A to lower overall taxes owed off that level of income (250K), yet complaining Trump's tax cuts provided no overall benefit is a little hard to swallow. Who does that?
Imagine that, a Social Democrat Leftist social "do-good" all too willing to charge the Government to confiscate money from wealthy Americans to pay for their social compassion is not willing to pony up from their own quarter million dollar income to give to charities for the poor, yet ironically complains they got no tax benefit from Trump's tax plan?
If you believe that, I have some beachfront property in Southern West Virginia you might be interested in.[eyeroll]
Hmmmmm! I thought this thread was about weak bladder problems.....discovered it was about zebra problems.....
I realize she tried to itemize her male prostitutes but that wasn't allowed....Hey Bro...did you know country made 250K in '18 and claimed no itemized deductions?
Hey Gunny you're pretty good at flushing out lying Leftists. Can you get one of them to explain why if Mueller was looking into Russian attempts to "influence" our election process, didn't he look at our own Government's interactions with them? Why was only the Trump campaign targeted for conspiring with Russians? Weren't they trying to disrupt our all of our Government and it's election process? So he wasn't interested in any contacts Russians made to infiltrate the Hillary campaign? They made no attempts to compromise her? No one from the Hillary campaign had any contacts with Russians?
Also, was Mueller's mission a criminal investigation or a counter espionage investigation? If it was criminal, what was the crime Trump was suspected of committing that he was looking for? If it was counter espionage, why wasn't Trump told about it? What was the "national security threat" Trump was facing that his campaign had to be spied on to prevent? What crime did Mueller find evidence of?
Do you think Nadler or any of his band of Truth seekers will ask Mueller any of this? Do they really want to know?
I know Barr does! [winking]
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When you read between the lines of this articles it says Mr Barr knows the truth and he dares individuals not to be honest and corporate going forward.
https://www.google.com/amp/s/amp.cn...tion-origin-barr-haspel-coats-wray/index.html
Oh no doubt he knows. The question is do they (Comey, Clapper, Brennan) know what he knows? Do Leftists know that Barr knows what those anti-Trump plotters know which Leftists still don't know (or refuse to accept)?
opcorn:I know. They're all going to jail!
I can't want Donald T...lock 'em all up...please!
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Barr was in the CIA going after Ghadaffi when most these cats were pooping diapers.
Trump has known for quite some time. You can be certain, that the three stooges are well aware of the fact that not only does Trump know, but Barr most likely does as well, and if not the complete picture, will in the near future.
One of many things the board idiots have overlooked...
There WILL BE MEDIA PEOPLE going to jail...
There WILL BE MEDIA PEOPLE going to jail...