CSS Profile - 401 K Roth contribution

Paying for College
1

Suppose I made $100K and contributed $10K to 401k Roth in 2018 (W2 not available yet. This is the first time I contributed to Roth and I don’t know what will be on W2). What should I enter on CSS profile for Parent 2018 Income and Benefits questions?

  1. a) For question Income earned from work: 100K b) For question Untaxed income and benefits: 0
  2. a) For question Income earned from work: 80K (I doubt this is right) b) For question Untaxed income and benefits: 10K
  3. a) For question Income earned from work: 100K b) For question Untaxed income and benefits: 10K (my 10K Roth is not tax deductible).

Thanks

2

You paid taxes on your Roth contributions so it would be option 1. You can look at your pay stub to see the totals.

3

I am confused because CSS Profile instructions tell to enter 401k, IRA contributions to question Untaxed income and benefits.

4

I think they refer to pre-tax 401k contributions and traditional IRA contributions that you received a deduction on your tax return for (untaxed income).

I don’t think Roth IRA contributions would show up on a W2 since they are after-tax contributions.

Your earned income is most likely the box 1 on the W-2 (gross federal wages).

5

If you look at the back of your 2017 W2 you will see that there are three Roth codes for Box 12:

AA: Roth 401(k) plan.
BB: Roth 403(b) plan.
EE: Roth contributions under governmental section 457(b) plan

6

The question is for 2018.

7

I know but I doubt if anyone has their 2018 W2s unless they work for a non calendar year company. I was just showing you where to look on the W2. It will be the same codes and in the same place for 2018 when you get it. Also if there isn’t a deduction amount and/or a running total on each paystub (there should be) you can look at the brokerage statement where the acct is held.

8

@coolweather

The good news is you have a whole year to figure this out because your 2018 tax year figures won’t be used until the 2020-2012 FAFSA is completed.

But my understanding is that your Roth being already taxed…is included IN your earned income from your job. You decided to put it into a Roth after your earned and paid taxes on it.