Question

Reporting Earnings on retirement's account

Forum|Forum|5 years ago
April 9, 2021
1 reply
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In have a 403b retirement account through my work and I make contributions each month. My question is, do I need to report those contributions and earnings in my income taxes? I did not get any 1099 or such forms, I only have my quarterly statements so I don't know if I need to report.

LudwigVan_fan

Generally speaking, no, you don't report the contributions or the earnings on your F1040.

Generally, your contributions should be tax deferred contributions withheld from your salary (reducing the amount of tax on your salary). Earnings are also tax deferred.

You would pay tax when you receive distributions received from the 403b plan.

See following links;

https://www.irs.gov/retirement-plans/irc-403b-tax-sheltered-annuity-plans

https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-403b-tax-sheltered-annuity-plans

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**