i am filing out the css profile for my daughter and in the area that says current value of tax-deferred retirement, pension ect… do I put the amount that says in my w2 414h or put 0 since I don’t get statement of the pension. I am not collecting or contributing myself. so confused. thank you
Do you have a pension account? If so, you put the value of THOSE accounts in that blank. In other words…how much is IN those retirement accounts. This would include values of your IRA, TSA, 401K etc accounts.
These total values are NOT on you tax forms or W-2 forms…only your annual contribution from that year would be on that.
If you have an account, you should easily be able to access the value online…or you should be receiving quarterly statements in the mail or by email.
I do have a pension acct through my employer but i am not myself contributing to it. thank you.
On your W-2 form, what is the box number that the 414(h) contribution amount appears in, and if there is a code letter in that box, what is the code? If there actually is an amount that appears on your W-2, I’m betting that it really is a deduction from your pay, even though under IRS regulations it may be designated as “picked up” by the employer and therefore characterized as an employer contribution.
Oh okay. I will find out. Another question is that value of the pension added to my annual income too as far as financial aid goes? im so iliterate on these things sorry
Any pre-tax deductions for contributions to qualified retirement plans are added to your annual income for financial aid calculations, but the balance of any qualified retirement plan is not counted as an asset.
so your saying what they deducting from my pay is what added to my annual income? in the box on my w2 say retirement plan and is x out. im guessing this is my pension, and in box 414h say an amount of a lil more than 700.is that what they deducted from me
What box number is the 414(h) amount in and if there is also a code letter there, what is it?
box 14d
thank you