Hello!
I’m filling out the CSS profile and I’m stuck on this part:
Current value of tax-deferred retirement, pension, annuity, and savings plans such as an IRA, Keogh, SEP, 401(a), 401(k), 403(b), 408, 457, 501©*
I’m looking at my parents’ W-2 forms and there’s a number for this under box 12a. But this value is only from the 2018 statement. Can I input this value, or does it need to be a cumulative value of all of the money they have in their retirement plans?
One of my parents has:
IRA, Keogh, 401k, 403b, or other tax-deferred retirement plan
Employer sponsored retirement plan
Civil service or state sponsored retirement plan
My other parent has:
IRA, Keogh, 401k, 403b, or other tax-deferred retirement plan
There’s a similar question on the FAFSA:
Payments to tax-deferred pension and retirement savings plans (paid directly or withheld from earnings), including, but not limited to, amounts reported on the W-2 Form in Boxes 12a through 12d, codes D, E, F, G, H, and S. Don’t include amounts reported in code DD (employer contributions toward employee health benefits).
Basically, I just don’t know what values to input into this section, or where even to find those values other than the W-2.
I have little/no understanding of how any of this stuff works, so I would appreciate any help. I don’t even really have a question to ask; I’m so at a loss that I don’t know where to start. If someone could sum up this question in terms that are as simple as possible, I would be so grateful.